Treasury Holdings today announced that a 10 year lease pre-commitment for 3,768 square metres of retail space has been secured from global retail chain Marks & Spencer as an anchor tenant of its City Center property in Shanghai.
Marks & Spencer, an iconic UK brand with an extensive global footprint will open a flagship store housed over four levels at City Center to offer the full range of Marks & Spencer quality apparel, food and home products. The store is going to be located in the newly constructed extension and due to open in 2013. According to a statement from Treasury Holdings, the lease is for ten years with a right of renewal for a further five years.
Listed in Singapore in June 2010 Treasury China Trust (TCT) is administered by Treasury Holdings and owns, manages and develops commercial real estate assets in China with approximately RMB10.0bn in total assets and a further RMB1.7bn of assets under contract due for settlement by April 2011.
City Center comprises an existing total gross floor area of approximately 180,000 square metres comprising 2 office towers and 7 level retail podium. TCT has commenced construction of City Center Extension, an international Grade A 19-storey mixed use retail and office development of approximately 88,000 square metres. On completion, this new development when amalgamated with the existing City Centre, will create a retail facility totaling more than 115,000 square metres, resulting in City Center being one of the largest retail malls in Shanghai upon completion in 2013.
In addition the City Centre Extension will be a LEED (Leadership in Energy and Environmental Design) gold certified development designed by a team of international award winning architects.
Richard David, Chief Executive Officer of TCT, confirmed the lease pre-commitment, “Marks & Spencer is a global brand with very strong awareness amongst shoppers and a justifiable reputation as a retailer of the highest quality. TCT is very pleased to have secured Marks & Spencer as an anchor tenant for the redeveloped City Centre.”
TCT’s Chief Operating Officer Simon Harding-Roots expressed his strong endorsement, “We are delighted with this strong vote of confidence in our plans for the redevelopment of City Center. As one of the world’s most successful retailers, Marks & Spencer is known for its prudent and rigorous approach to site selection and the decision to make City Center the home of its flagship store in Hong Qiao is a testament to City
Center’s prime location and more importantly demonstrates Marks & Spencer’s confidence in the ability of TCT as a developer and manager to deliver a high standard facility.”