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Redevco teams up with Shui On

REDEVCO, a Dutch property investor that owns one of the largest retail real estate portfolios in Europe, has formed a partnership with Shui On Land Ltd, its first foray into the China market.

Under a memorandum signed yesterday, the two companies will join forces on a shopping center development in Shui On's Wuhan Tiandi project. The end result is expected to be a major feature of the capital city of Hubei Province.

"This collaboration signifies our first step in a long-term commitment to the China market," said Dominic Brenninkmeyer, chairman of Redevco, the property arm of Cofra Holding, a private firm that owns retailer C&A.

"In addition to our European portfolio, we aim to expand our business to Asia."

The link with Shui On, which has experience and expertise in the China market, would help Redevco form a solid foundation for growth, said Robert Lie, managing director for Redevco Asia.

Shui On Chairman Vincent Lo concurred. "We have been looking for strategic partners to add value to our projects," Lo said. "We are glad to have this opportunity to work with Redevco which has international exposure and expertise in retail real estate."

The shopping center that Shui On and Redevco will collaborate on, with a total gross floor area of 100,000 square meters and an estimated investment exceeding 2 billion yuan (US$293 million), is scheduled to be completed in 2012.

Shui On would be responsible for the master plan as well as the construction management of the project, while Redevco would take up design and concept development, asset management, marketing and promotion, Shui On said.

Redevco is active in 21 countries.


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