Parkson Retail Group (03368.HK) said that it has, through a public tender process, won the right to acquire the land use right and the building ownership right of Tianjin Building in Heping District, Tianjin, the PRC at an acquisition price of RMB704.6 million payable in cash.

The 5-storey building has a land area of 13,424.6 sqm and total gross floor area of about 45,022.15 sqm.

Parkson believes that the acquisition provides the platform for the group to increase its market share and strengthen its foothold in tianjin, a fast-growing market.