Global alternative asset manager The Carlyle Group L.P. announced a strategic partnership with SZITIC Commercial Property Co., Ltd acquiring a 49 percent stake in Suzhou In-City Mall and Hangzhou Gudun In-City Mall, two regional shopping malls owned and operated by SCP, one of the largest shopping mall developers and operators in China. The investment was made by a vehicle advised by Carlyle’s Asia real estate group. Financial terms of the acquisition were not disclosed.
Suzhou In-City Mall, located between Suzhou Industrial Park and the old city center, has four above ground floors and one basement retail floor with an aggregate gross floor area of 136,000 sqm, while Hangzhou Gudun In-City Mall, located in the northwest part of the Xihu District of Hangzhou, has four above ground floors and two basement floors for car parks with an aggregate gross floor area of 52,000 sqm.
Both properties, in operation for over three years, are one-stop regional malls integrating fashion and electronics with entertainment and food and beverage services.Their tenants include well-known brands such as Wal-Mart, Sephora and Starbucks.
