Shenzhen-based department store operator Shirble will invest CNY611 million to purchase two properties in Shenzhen and Changsha.
Shirble will pay CNY419 million for the property in Shenzhen and it will pay CNY192 million for the one in Changsha. The related parties signed property transfer contract on March 14, 2017.
The construction area of the Shenzhen property is about one million square meters and the construction area of the Changsha property is about 1.629 million square meters.
Shenzhen Jingtian store is one of the most valuable department stores of Shirble and it contributed the most to Shirble in the past five years. At present, the remaining lease term of this store property is less than eight years. Meanwhile, the remaining lease term of the Changsha store property is less than 12 years.
The previous owner planned to sell the two properties. To avoid the negative impact brought by the change of property owners, Shirble Group decided to buy the properties itself.