Treasury China Trust, in which Treasury Holdings has a 30% stake, has bought Shanghai's Huai Hai Mall for 575 million renminbi.
The property is a four level site comprising one level of basement and three levels zoned for retail use. It houses some of the world's highest profile brands such as LVMH, Gucci, Hermes, Bally, Cartier and Tiffany as well as the likes of H&M, Zara, Gap and Mango.
The mall is currently 70% occupied and TCT said it presents it with an opportunity for undertake the complete refurbishment and repositioning of the centre to double the current rental income over a five year period.
