Sasseur REIT’s sponsor, Sasseur Cayman Holding (Sasseur Group) has signed a memorandum of strategic partnership with Secoo Holding, which has one of Asia’s largest online platforms for upscale products and services, to target China’s growing luxury consumer market, the REIT’s manager said on Wednesday.
“Through the sharing of resources in the areas of merchandise, brands, membership, payment, consumer financing, customer service and big data solutions, it will allow both companies to leverage on one another’s strengths so as to capitalise on the immense opportunities offered by China’s rising middle-class population,” it said in a filing to SGX after the market close on Wednesday.
The REIT’s manager was positive on the tie-up.
“The partnership with Secoo, one of our key cornerstone investors, is strategic given their expertise in online retail. This adds a new dimension to our usual offline channel of outlet malls while sharpening our competitive advantage in the industry,” Anthony Ang, CEO of Sasseur REIT’s manager, said in the statement.
“As we seek to jointly explore new marketing opportunities centering around upscale lifestyles, we are committed to deliver a better shopping experience for our consumers, with the aim of solidifying revenue growth for Sasseur REIT,” he added.
Sasseur REIT has a portfolio of four retail outlet mall assets in Chinese cities, including Chongqing, Kunming and Hefei, the filing noted.