Kardan N.V., active in real estate, water infrastructure and financial services in emerging markets announces that, further to the release of June 9, 2011, GTC Real Estate China Ltd, Kardan's fully owned real estate developer in China, has completed the sale of a 50% stake in Galleria Chengdu to MGPA, a private equity real estate investment advisory company for a net cash consideration of approximately RMB 422 million (approx. 46 million).
Galleria Chengdu is a prime shopping center located in the Chinese city of Chengdu. The property, developed by GTC China, opened to the public in November 2010. The shopping mall comprises 53,619 m² of gross rentable retail space and includes among its tenants well known international retailers including Zara, Mango, H&M, Sephora, and Uniqlo.
Following the completion of the transaction, GTC China retains a 50% stake in Galleria Chengdu and continues to manage and operate the shopping center.
GTC China (and Kardan)'s profit from this transaction is estimated to total approximately 17 million (after tax), which is more than earlier indicated in the release of June 9, 2011. Up to March 31, 2011, GTC China already recorded for Galleria Chengdu revaluation profits net of tax of 27 million.
MGPA is a US $11 billion private equity real estate investment advisory company, focused on real estate investments in Europe and Asia.
Kardan NV will publish its first half year 2011 results on August 30, 2011.
Source: Kardan NV