MGPA Asia III takes 50% stake in Galleria Chengdu
MGPA, the private equity real estate investment advisory firm, has acquired a 50% interest in Galleria Chengdu, a newly completed commercial mall in the western China city of Chengdu.
The investment was made by the MGPA Asia Fund III, a nine year-closed fund established in 2007, that has committed capital of $3.9 billion. This is its seventh investment.
The remaining 50% is held by GTC China Real Estate Holdings, which developed the property. No details were given as to the value of the acquisition.
Completed in 2010, the four-storey retail mall covering a gross floor area (GFA) of 53,619 sqm counts global brands such as Zara, H&M, IKEA among its tenants, as well as local hypermarket Auchan. The property is located in Chengdu's new technology and government district.
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