MMP – SGX
COMPLETION OF ACQUISITION OF RETAIL PROPERTY IN CHENGDU
Further to the announcements of 22 August 2007 and 23 August 2007, Macquarie Pacific Star Prime REIT Management Limited (“Manager”), the Manager of Macquarie MEAG Prime Real Estate Investment Trust (“MMP REIT”), is pleased to announce that HSBC Institutional Trust Services (Singapore) Limited, the Trustee of MMP REIT (“Trustee”), has today completed the indirect acquisition of Renhe Spring Department Store in Chengdu, China (the “Property”).
The total purchase price of RMB350 million (equivalent to S$70 million) and other acquisition costs have been fully funded by debt.
Pursuant to the Business Cooperation Agreement dated 28 August 2007 between PRC WFOE and Chengdu Renhe Spring Department Store Co., Ltd (“Rendong”), the property management functions in respect of the Property will be carried out by Rendong.
With the completion of this acquisition, MMP REIT’s portfolio has been enlarged and comprises nine assets located in Singapore, Japan and China, valued in aggregate at approximately S$1.8 billion.