EC Mall

Enhancement of one of Beijing's leading shopping centres

Overview

EC Mall, one of Beijing’s most reputable retail centres, was acquired by our team at a late stage of construction and underwent a thorough programme of fit-out, lease-up leading to asset stabilisation. Our team was instrumental in leading the strategic direction and positioning of the mall, attracting new retailers, achieving full occupancy and oversaw a successful exit to a Hong Kong listed REIT.

400m

project value (US$)

300%

increase in rental income

71,000

square metres of retail space

External view of shopping mall
External view of shopping mall

Background

EC Mall is a 71,000sqm Grade A retail shopping centre situated in the heart of Beijing’s technology hub. EC Mall benefits from close proximity to China’s top universities and high profile tenants such as Lenovo and Microsoft. The mall also benefits from direct access to Beijing’s underground train system and several major roads.

Our team’s off-market purchase of EC Mall represented a rare opportunity to acquire prime real estate in a premier location in Beijing. Importantly, the development risk was significantly mitigated as the construction phase had almost concluded, leaving our team to identify a value-added strategy to enhance the mall. We believed EC Mall to be a highly attractive opportunity, offering exposure via upmarket retail outlets to China’s fast-growing and affluent middle class.

Creating spaces to inspire peoples' lives

Our purchase of EC Mall afforded us the opportunity to leverage our real estate experience and create real value via a programme of physical enhancement and asset management.

Our team played an integral role in driving the design, construction and management of EC Mall. The complex’s sophisticated look and feel together with our first-rate management attracted a number of major international brands including Nike and H&M.

With an annual footfall in excess of eight million and an occupancy rate of 99%, our successful management, leasing and operation of the mall increased rental income by 300% and daily footfall by 500% from when the mall first opened in 2009 to the time of its sale in 2015. The asset was sold following a highly competitive auction process with bids received from numerous high-quality institutional investors. The sale won Asia Property’s Cross-Border Deal of the Year award in 2015.