Spring Real Estate Investment Trust (SEHK:1426) agreed to acquire 68% stake in iconic high-end shopping mall from Huamao Property Holdings Ltd for approximately CNY 1,637 million on April 29, 2022. The Manager intends to satisfy the consideration in the following manner: (a) CNY 747 million shall be paid in cash; and (b) the assumption by Spring REIT (through the onshore purchaser) of the novated payables in the amount of CNY 890 million. Spring REIT does not need to raise new equity financing for the acquisition, and hence there will be no ownership dilution. Zhang Yi of Gibson Dunn acted as legal advisor to Huamao Property Holdings. Gibson, Dunn & Crutcher UK LLP acted as legal advisor to Huamao Property Holdings Ltd.

Spring Real Estate Investment Trust (SEHK:1426) completed the acquisition of 68% stake in iconic high-end shopping mall from Huamao Property Holdings Ltd on September 28, 2022.