InfraRed NF China Real Estate Fund I (the “Fund”) is pleased to announce the signing of a sale and purchase agreement to dispose of Project Wangfujing (the “Project”), a shopping centre in Beijing, at an asset value of c. RMB 2.201 billion (c. US$ 321m). The closing of the transaction is scheduled for the end of June 2017.
The Project is a 38,737 sq. metre shopping centre prominently located along Wangfujing pedestrian street in a well-established commercial district in the centre of Beijing. It was originally acquired as a turnkey development project from a Beijing based l developer in late 2007. At the time of exit, the shopping centre was 75% let with anchor tenants, including Adidas, Pizza Hut, Jumei (China’s largest online cosmetics retailer), CaffeBene and Nikon Camera Showroom.
The Project is one of the two remaining assets in Fund I and its sale will mean that all investor commitments to the Fund will have been repaid. The realisation or the last remaining asset in Fund I, a logistics warehouse in Dalian, NE China, is expected later this year.