CapitaLand and CapitaLand Retail China Trust (CRCT) announced on Nov 28 that they will buy Guangzhou mall Rock Square through a joint venture. This will involve an approximately RMB 3,360.7 billion (about $688.9 million) acquisition of the firm that owns Rock Square.

CRCT will hold a 51% interest in the joint venture and CapitaLand will hold the remaining 49%.

Located within Haizhu District, Rock Square has a net lettable area of 53,107 sq m. The five-storey mall, which opened in July 2013, has tenants such as AEON, UNIQLO and ZARA. According to CapitaLand and CRCT, the mall has a committed occupancy of 96.4% as at June this year.

Credit: CapitaLand

Rock Square directly connected to the Shayuan metro station, which serves the Pazhou Line, a metro line that connects Guangzhou’s eastern and western areas, say the joint venture partners.