Independent private equity real estate investor MGPA has completed the acquisition of a 50% share in a Chinese shopping centre for RMB 422 mln (EUR 46 mln).

The stake in Galleria Chengdu was sold by GTC Real Estate China, a subsidiary of GTC RE, the real estate arm of Amsterdam-listed company Kardan.

Galleria Chengdu is located in the Chinese city of Chengdu. The property, developed by GTC China, opened to the public in November 2010. It comprises 53,600 m2 of gross rentable retail space and its tenants include international retailers Zara, Mango, H&M, Sephora, and Uniqlo.

GTC China retains a 50% stake in Galleria Chengdu and continues to manage and operate the shopping centre.

MGPA is a EUR 7.6 bn private equity real estate investment advisory company, focused on real estate investments in Europe and Asia.

Founded in 2005, GTC Real Estate China develops and operates residential and commercial properties in second and third-tier cities. The company has a development pipeline in excess of 2.9 million m2, representing an expected total investment of over EUR 1.4 bn.