News

Property investors to “build better neighbourhood” in Hong Kong

Real estate private equity firm Gaw Capital Partners has led a consortium of investors in a $1.54 billion retail property investment and says local life in the communities will be “refreshed and renewed”. The Hong Kong properties, include 12 shopping centres, were bought from Link Asset Management. Spanning properties across Hong Kong Island, Kowloon and the New Territories the gross floor area totals 1.1 million square feet of retail space and comes with 4,700 parking spaces. The consortium includes Goldman Sachs and Blackstone says the investment will breath more life into the localities. Goodwin Gaw, chairman and managing principal of Gaw Capital Partners said: “These malls will continue to serve important functions in the community. Followed by the bid we won together with our consortium partners to acquire 17 shopping malls in 2017, we will further leverage our experience to evolve these malls into refreshed and renewed centers of local life and collaborate with the local NGOs and existing tenants to build a better neighborhood for themselves.” The shopping centres in the portfolio are: Retail and Car Park within Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Retail and Car Park within Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Tau Hom (Wang Fai Centre). As of the second quarter of 2018, Gaw Capital Partners said it had $18.3 billion of assets under management. ©2018 funds global asia

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