ARA acquires 50% stake in Dasin Retail Trust Management

The company plans to extend its reach in China’s Greater Bay Area.

ARA Asset Management Limited (ARA) has announced that it has entered into a sale and purchase agreement to acquire a 50% stake in Dasin Retail Trust Management Pte. Ltd. (DRTM), the Trustee Manager of Dasin Retail Trust) listed on the Singapore Exchange, and approximately 5% of the total units issued in the Trust, via its subsidiaries.

Listed on the SGX-ST in 2017, Dasin is the only listed retail property trust that provides direct exposure to the Guangdong Hong Kong Macau Greater Bay Area (GBA). Since its listing, the Trust’s portfolio has doubled from three to seven properties, and assets under management have more than doubled from $1b (RMB4.5b) to $2.3b (RMB11.6). Its portfolio comprises seven destination, regional and suburban retail malls, which are located in high-population catchment areas with limited competition within Zhongshan, Zhuhai and Foshan.

ARA, with close to 20 years of REIT management expertise and a global network of investors, will work closely with DRTM to drive operating performance and take the Trust into its next phase of growth. ARA and Zhongshan Dasin will also jointly explore new fund products and business opportunities to establish a broader China retail platform in support of the Trust.

“China is a key market for ARA, and the excellent growth prospects of the Greater Bay Area, in particular, appeal to us considerably. We are fortunate to have found a credible, high-calibre partner in Zhongshan Dasin to help us expand our footprint in this region, and we look forward to growing our new venture together,” ARA Group chief executive officer Moses Song said.

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