Guthrie gets 14% stake in Shenyang Logistics

Guthrie gets 14% stake in Shenyang Logistics

 

GUTHRIE GTS said it has acquired a 14 per cent stake in China-based Shenyang Logistics – in the form of equity and shareholders loans – for $5.98 million.

 

Shenyang Logistics, a joint-venture company between GIC Real Estate and Shenzhen-listed Super Shine, was set up to own and refurbish a retail mall, Life Square, in Shenyang. GIC Real Estate retains majority control of Shenyang Logistics.

 

Life Square, which has a gross floor area of 30,000 square metres, will be refurbished to create an additional 15,000 sq m, said Guthrie. The project, which is scheduled for completion by the end of the year, will see the retail mall house about 200 shops including a 9,000 sq m hypermart and a six-screen cineplex. Guthrie said it intends to provide retail planning and mall management services for this project.

 

‘This investment is a good opportunity for Guthrie to participate in the growing retail sector in China. Guthrie will leverage on its track record and expertise in retail planning and mall management for the Life Square Mall,’ said Michael Leong, executive director of Guthrie GTS.

 

‘The retail planning and mall management services we intend to provide would be a suitable platform to showcase Guthrie’s brand and services capabilities in China and will be a further step towards establishing a regional footprint for Guthrie’s mall investment participation and related services.’

 

Source: Business Times

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