Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CHATTANOOGA, TN-Mall owner CBL & Associates has joined up with private-equity firm Bain Capital to purchase a stake in Jinsheng Group, a China-based retail developer, for $60 million. This is CBL’s first non-US venture.

CBL will contribute $15 million to the investment, while Boston-based Bain will spend the remainder. “We believe this investment positions CBL to take advantage of the incredible expansion and development opportunities currently underway in Chinese retail real estate, albeit on a measured and conservative basis,” says Stephen Lebovitz, CBL’s president, in a statement.

Jinsheng, based in Nanjing, owns two shopping centers and two home-décor centers in that city, as well as two home-décor assets in Shanghai. In all, the firm operates 7.1 million sf of retail space and is also building several developments.

CBL is the latest major US mall REIT to go to Asia. Simon Property Group’s Chelsea outlet division owns centers in Japan and Taubman Centers is working on projects in Macau and South Korea. Meanwhile, US retailers, like Home Depot, are entering China and other Asian countries.

Bain Capital has offices in Hong Kong and Shanghai. The firm is also involved in acquiring many retailers and taking them private. It and some partners are buying the Outback Steakhouse chain, and Bain Capital also owns part of the Michael’s craft chains as well as Toys “R” US.

CBL is owner of about 130 retail properties across the country. The company also has 14 centers under construction, totaling three-million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt Net Lease Spring 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.