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Kardan Land Sells 50% Stake in Galleria Chengdu Go back To News
Update Date: 2014/12/5 0:00:00     View Count:978

Kardan Land has signed a share purchase agreement to sell 50% shares in Galleria Chengdu to its co-shareholder, BR Spicy (B.V.I) Ltd., for a consideration reflecting a value of RMB 1.254 billion for Galleria. The transaction is yet another testimony of Kardan Land’s talent in developing successful high-yield properties, from construction to operation.

Galleria Chengdu, opened to the public in November 2010, is a land mark success for Kardan in China. The mall comprises approximately 54,000 sqm of gross floor area, is fully occupied, and includes among its tenants well known international retailers including Zara, H&M, Sephora, CK Jeans, Folli Follie, CHARLES & KEITH, and Uniqlo. The success of Galleria Chengdu has been underpinned by its recognition as a regional landmark by Chengdu people, and acknowledgment by China’s real estate market, as well as the international and domestic awards it has won since its opening, listed in this link. The mall’s business scope and customer flow increase continuously, as Galleria evolves and adapts to remain an attractive destination for top-rate brands.

Kardan Land, through its subsidiary Kardan Land (Chengdu) Asset Management Company, will continue to serve as the Asset Manager of Galleria, leading the ongoing improvement of Galleria’s brand mix, producing international events and activities, and providing ongoing support to tenants. Mr. Alon Shlank, Chairman of Kardan Land, stated: “We are happy that we remain as Asset Manager of the mall and as such can continue our successful cooperation with the Purchaser. Kardan Land China is now focusing on our flagship project Europark Dalian. We are expecting the new mall to be opened in the first half of 2015 and to be at least as successful as our Chengdu mall.”

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