03 December 2025, Taiwan – ARCH Capital Management has announced the successful divestment of its stake in TaiMall, Taoyuan’s premier seven-storey regional shopping center with over 100,000 sqm GFA and 300 tenants, to Millerful, an established Taiwanese REIT manager through its Le Fu No.1 Fund(樂富一號). ARCH’s divestment of its stake valued the asset at US$500 million, making it one of the largest commercial assets transactions in recent years in Taiwan. This landmark deal underscores strong market liquidity and investor confidence in Taiwan’s property market, marking a major milestone in ARCH Capital’s established investment presence in the market.
“We are confident in the institutional nature and sound liquidity for quality core assets in the Taiwanese market,” said Richard Yue, Founder and CEO of ARCH Capital. “Given the market’s resilience and the strategic opportunities we see, we are positive that our portfolio will continue to grow steadily in the coming years, supported by our deep local expertise and disciplined investment approach.”
ARCH Capital originally acquired TaiMall in 2018, and this major divestment marks another chapter in ARCH Capital’s longstanding investment history in Taiwan across logistics, residential, and retail sectors. Since acquisition and throughout the COVID-19 pandemic, ARCH has transformed TaiMall into Taoyuan’s preferred family-oriented retail destination, offering a balanced mix of essential and lifestyle shopping options.
“Key achievements under ARCH’s active management include driving over 20% revenue growth despite three years of COVID-19 disruptions. The value-creation strategy focused on positioning TaiMall as a family and children-centric shopping center by launching an innovative 18,000 sqm outdoor children’s park on previously vacant land, and hosting engaging weekly and holiday events to drive footfall and enhance family appeal. TaiMall also earned Fitwel 2-star certification in 2021 as Asia’s first shopping center to achieve this accolade, underscoring ARCH’s commitment to health-focused ESG standards,” said James Chou, Senior Managing Director of ARCH Capital, who brings over 25 years of investment experience in Taiwan, supported by a seasoned local team.
Jonathan Umali, Chief Investment Officer of ARCH Capital, stated “Drawing on deep roots and extensive experience in Taiwan, we’ve built a strong presence across logistics development and operations through our Halo Logistics platform, residential development, and retail sectors. This transaction further reflects our commitment to delivering sustainable growth and unlocking value in Taiwan, as well as throughout Asia Pacific’s most dynamic real estate markets.”
This divestment exemplifies ARCH Capital’s disciplined active management approach and strategic capabilities for value creation and growth across the region. With an experienced team of investment and asset management professionals based on the ground in Taiwan, the firm remains focused on expanding its presence in Taiwan’s markets while advancing its opportunistic and value-add strategies throughout the Asia Pacific region.
About ARCH Capital Management
ARCH Capital Management is a specialized real estate investment manager that focuses on delivering superior risk-adjusted returns in Asia Pacific. ARCH was established in 2006, and throughout its two-decade history, the firm has developed capabilities across 10 regional offices, and built a portfolio with a Gross Asset Value under Management (GAV) of US$15.1 Bn across fund vehicles, joint ventures, co-investments, and separate accounts. The platform is management-owned and operated, and emphasizes strong alignment with stakeholders through rigorous corporate governance, responsible investment practices, and a culture of discipline and operational transparency.
