Fashion
Arch Capital Property Advisors has bought a Taiwanese shopping mall for US$450 million on behalf of private investors. The deal marks the Hong Kong-based company’s first foray into Taiwan’s retail property business. After settlement, Arch Capital will assume management of the property.
The target property – Taimall Shopping Center in Taoyuan – has been acquired on behalf of an unnamed institutional investor, which has partnered with Taiwanese investment trust Millerful REIT.
The 100,000sqm mall is Taoyuan’s largest, home to more than 300 retail stores, a cinema and sports complex.
Arch Capital Property MD James Chou said that his company saw “a rare opportunity to acquire an established premium retail asset offering stable income and sustained revenue growth potential over the longer term” in the Taiwan deal.
Taiwan-listed Millerful largely focuses on the commercial sector, and reportedly has plans to buy more shopping centres, hotels and office buildings.
