MGPA, the private equity real estate investment advisory, has signed an agreement to acquire a 50% stake in Galleria Chengdu from developer-investor GTC China. The investment volume by MGPA Asia Fund III comes to RMB 425 mln (EUR 45 mln).

GTC China is a subsidiary of Amsterdam-listed group Kardan, which is active in real estate, water Infrastructure and financial services in emerging markets.

Galleria Chengdu is a prime shopping centre located in the Chinese city of Chengdu. The property, developed by GTC China, opened to the public in November 2010.

The shopping mall comprises 53,619 m2 of gross rentable retail space and its tenants include international retailers Zara, Mango, H&M, Sephora, and Uniqlo. GTC China will retain a 50% stake in Galleria Chengdu and will continue to manage and operate the shopping centre.

MGPA is a $11bn (EUR 7.6 bn) private equity real estate investment advisory company, focused on real estate investments in Europe and Asia.