Parkson Retail Group's (HKG:3368) subsidiary Shanghai Nine Sea Parkson Plaza agreed to renew its tenancy in a building in Shanghai with Shanghai Nine Sea Industry, a Wednesday Hong Kong bourse filing said.
Shanghai Nine Sea Parkson has been occupying the parts of level LG1 to level 8 of the building located at No. 918 Huaihai Middle Road, Shanghai for its retail business since 1994. As the term of tenancy is coming to an end on Nov. 29, the parties have opted to renew the tenancy.
The term of the renewed agreement starts from Nov. 30, 2024, and lasts until Nov. 29, 2039. Shanghai Nine Sea Parkson will pay a fixed monthly rent varying with the progression of the tenancy from 3.3 million yuan to 3.7 million yuan, and a certain portion of the revenue generated from the property.
The property will be used mainly as a department store along with the provision of wholesale logistics, catering, cinema, entertainment, and other services on the premises.
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