SingHaiyi

SingHaiyi: Placed US$29.25m for 65% stake in a shopping mall in Cincinnati, Ohio, USA. Tri-County Mall has 1.3m gross sq ft of retail space over two-storeys and has current occupancy rate of 84%. The mall will yield a capitalisation rate of 11%. Tri-County Mall was sold through an auction to SingHaiyi's US partner American Pacific International Capital (APIC) for a total of US$45m, compared to the net book value of US$194m. SingHaiyi has the right of first refusal to partake in any US real estate projects that APIC is involved in. SingHaiyi will have 3 months to decide on the Tri-County Mall investment and the sum of US$29.25m is fully refundable in the event the group decides not to participate in.