(Yicai Global) Nov. 29 -- Singapore-based CapitaLand Ltd. [SI:CATL] (CapitaLand) and CapitaLand Retail China Trust (CRCT) have jointly acquired Rock Square in Guangzhou in Southeast China's Guangdong province for USD500 million (CNY3.3 billion), Singapore media outlet zaobao.com reported today.

CapitaLand and CRCT formed a joint venture company to acquire Rock Square shares from their undisclosed owner, and CRCT is the main shareholder with 51 percent of the JV firm, while CapitaLand holds the rest. The deal is set to wrap by next year's first quarter, CapitaLand stated.

This acquisition presents a rare opportunity for CapitaLand to expand its retail business in China's first-tier cities. "As an operational mall with upside potential, the acquisition will help CapitaLand increase recurring income as it continues to expand its business," said Jason Leow, CRCT's chief executive.

Opened in 2013, Rock Square is a major shopping mall in Guangzhou's mercantile Haizhu district. CRCT is the first and hitherto only real estate investment trust CapitaLand has endowed which focuses on Chinese retail property investment.