CITIC Capital Holdings Limited and international shopping center operator Sonae Sierra says they have launched a joint venture to provide management and leasing services to shopping centers in China, according to a company announcement.
The specific investment of the joint venture was not disclosed.
Headquartered in Shanghai, the joint venture will focus on adding long-term value to shopping centers in China. It will start by providing property management services to retail projects currently invested by CITIC Capital.
The partnership will combine Maia, Portugal-based Sonae Sierra’s expertise in providing excellent shopping experiences and CITIC Capital’s strong foothold in the Chinese market.
China is the world’s second largest retail market with total retail sales amounting to RMB23.44 trillion (US$3.84 trillion). The joint venture aims to take advantage of the huge potential in the country’s retail sector.
"Retail growth in China has been unprecedented and rapid driven by the country’s urbanization, strong economic growth and the rising need for unique shopping experiences and services," says Zhang Haitao, CITIC Capital’s president.
Founded in 2002, CITIC Capital Holdings manages over US$4.5 billion in private equity, real estate, structured, venture cpaital products, and asset management.
An owner of 47 shopping centers, Sonae Sierra has a market value of €5.6 billion euros,