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Investment, Private Equity

Gaw Capital, Consortium Partners To Acquire 17 Shopping Centers in Hong Kong

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Kwai Fong Plaza

Hong Kong-based real estate private equity firm Gaw Capital Partners and a consortium of partners including Goldman Sachs have won a bid to acquire a retail portfolio comprising 17 shopping centers in Hong Kong from Link Asset Management Ltd for HK$23 billion (US$3 billion).

The portfolio is comprised of a number of strategically-located properties across Kowloon and the New Territories districts that sit in the heart of densely-populated communities and in close proximity to metro stations. The gross floor area of the portfolio totals 2.2 million square feet of prime retail space and comes with over 8,000 parking spaces that are connected to transport links. The properties were priced at an average of around HK$7,922 per square feet, excluding parking.

“We are delighted to have won the bid together with our consortium partners to acquire and manage these assets,” said Kenneth Gaw, president and managing principal of Gaw Capital, in a company announcement. “Despite the rise in e-commerce, we believe retail facilities such as these continue to be highly important foundations of community life, and we recognize their strong potential to thrive in the years ahead. We look forward to applying our deep experience in repositioning commercial property to add significant strategic value to these shopping centers.”

The shopping center portfolio include Cheung Hang Shopping Centre, Kai Yip Commercial Centre, Kam Tai Shopping Centre, Lei Cheng Uk Shopping Centre, On Ting Commercial Complex, Shek Lei Shopping Centre I & II, Tai Wo Hau Commercial Centre, Tsz Ching Shopping Centre, Yau Oi Commercial Centre and Yung Shing Shopping Centre, Kwai Fong Plaza, Kwai Shing East Shopping Centre, Lai Kok Shopping Centre, Lee On Shopping Centre, Retail and Car Park within Shun Tin Estate, Tsing Yi Commercial Complex and Lions Rise Mall.

Gaw Capital, with US$13 billion asset under management, has over 12 years of experience investing in commercial properties in Greater China, and has raised five commingled funds targeting the Greater China and Asia Pacific region since its inception.

Last week, ERES APAC II – China Outlet Mall Fund, a China outlet mall investment fund backed by Gaw Capital, Allianz and German asset management firm TIAA General Account, reached the first close of US$550 million.

This October, it entered into a framework agreement to acquire SKY SOHO, a group of Class A office buildings in Shanghai’s Linkong Economic Park district, from SOHO China through one of the funds under its management.

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