ECMall is a c. 70,000sqm shopping centre located in ZhongGuanCun, Beijing’s centre of information technology and higher education and lies at the heart of a well-established retail destination which is served by underground access to the subway system. Designed by international architects Benoy, the mall targets upper-middle class white-collar consumers (an underserved consumer demographic in Beijing) and boasts a dynamic mix of retailers anchored by high-profile tenants including Nike, Adidas, H&M, Uniqlo, InnisFree and Etude House.
ECMall’s international look and feel and high-quality management standards have attracted a number of major brands away from competing schemes of lower specification. The mall has an annual footfall of in excess of eight million and an occupancy rate of 99%. InfraRed NF managed the development, leasing and operation of the mall and successfully increased rental income by 300% and daily footfall by 500% since the mall first opened in 2009.
The disposal marks InfraRed NF’s seventh sale of a shopping centre asset in China and its third sale of a commercial asset in Beijing. Following completion of the sale, InfraRed NF will have repaid to its investors materially all equity invested in its China Fund I.
The Link REIT is currently Asia’s largest REIT and one of the world’s largest retail-focused REITs in terms of market capitalisation. Wholly owned by private and institutional investors, with 100% free float, The Link REIT has been listed on the Hong Kong Stock Exchange since 25 November 2005 (stock code: 823).
InfraRed NF owned ECMall in joint venture with Metro Holdings Limited of Singapore.
