Treasury China Trust to buy mall for €63m

TREASURY Holdings’ Chinese offshoot has reached agreement to buy one of Shanghai’s leading shopping malls for just over €63 million.

Treasury China Trust (TCT — formerly China Real Estate Opportunities/CREO — formally announced the deal yesterday, although it had been flagged previously, adding that it reinforces its position as one of the largest investors in China’s commercial real estate sector, with a pronounced focus on Shanghai. Treasury controls 30% of TCT.

The Huai Hai Mall is a four-level retail property, which is home to many of the world’s highest profile luxury brands including LVMH, Gucci, Hermes, Bally, Cartier, Tiffany and Coach and a number of popular multinational mid-market retailers like H&M, Zara, GAP, C&A, Mango, TopShop and Next.