Gaw Capital Partners and Consortium Partners Win Bid to Acquire 17 Shopping Centers in Hong Kong
November 28, 2017, Hong Kong – Real
estate private equity firm Gaw Capital Partners today announced that the firm,
through a fund under its management, and consortium partners, including Goldman
Sachs, have won a bid to acquire a retail portfolio comprising 17 shopping
centers in Hong Kong from Link Asset Management Limited at HK$ 23 billion and an
average price of around HK$7,922 per sq. ft. excluding parking.
portfolio is comprised of a number of strategically-located properties across
Kowloon and the New Territories that sit in the heart of densely-populated
communities and in close proximity to MTR stations. The GFA of the portfolio
totals 2.2 million sq. ft. of prime retail space and comes with over 8,000
parking spaces that are connected to highly-convenient transport links. Their
excellent accessibility and holistic shopping environments have made them
attractive destinations for retailers and hubs of community life for residents.
shopping centers included in the portfolio are: 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, Chairman and Managing Principal of Gaw Capital Partners, said, “We and our
partners strongly believe in Hong Kong’s future, and believe these malls, which
Link REIT has done an excellent job in upgrading and maintaining, will continue
to serve important functions in the community. We hope to utilize our
experience to evolve these malls into refreshed and renewed centers of local
life. To be successful, we will need the support of the community, and we look
forward to working with them to understand the gaps that could be filled and
how we can support them to make their neighborhoods better homes.
Gaw, President and Managing Principal of Gaw Capital Partners, commented, “We
are delighted to have won the bid together with our consortium partners to
acquire and manage these assets. 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
Capital has over 12 years of experience investing in and/or turning around commercial
properties in Greater China, including Hong Kong. The firm successfully
transformed and repositioned properties such as 133 Wai Yip Street in Hong Kong,
a former 12-storey industrial building turned creative office space; Pacific
Century Place in Beijing, a 1.8 million sq. ft. renovated mixed-use commercial
property with two office towers and two serviced apartment block on a retail
podium; Ciro’s Plaza in Shanghai, a mixed-use property with a 39-storey office
building and a 302,000 sq. ft. retail mall; Plaza 353 in Shanghai, a 430,000 sq.
ft. renovated mall with historical heritage status; Popark Plaza in Guangzhou,
a 994,000 sq. ft. retail mall connected
to the Guangzhou East Rail Station, with high-speed trains to Shenzhen and Hong
Kong, and access to two major subway lines; and Metropolitan Plaza in
Guangzhou, a 956,000 sq. ft. mall above on two subway lines.
About Goldman Sachs Group
Goldman Sachs Group, Inc. is a leading global investment banking, securities
and investment management firm that provides a wide range of financial services
to a substantial and diversified client base that includes corporations,
financial institutions, governments and individuals. Founded in 1869, the firm
is headquartered in New York and maintains offices in all major financial
centers around the world.
About Gaw Capital Partners
Gaw Capital Partners is a uniquely positioned
private equity fund management company that focusing on real estate markets in
greater China and other high barrier-to-entry markets globally.
Specializing in adding strategic value to under-utilized
real estate through redesign and repositioning, Gaw Capital runs an integrated
business model with own in-house asset management operating platforms in
retail, hospitality, property development and logistics. The firm's investments
span the entire spectrum of real estate sectors, including residential
development, offices, retail malls, hospitality and logistics warehouses.
The firm has raised five commingled funds targeting
the Greater China and Asia Pacific region since its inception. In addition to
managing opportunistic funds in Vietnam and the US along with a Pan-Asia
hospitality fund, the firm also provides services for separate account direct
Gaw Capital has raised equity of USD$ 8.6 billion
since 2005 and commands assets of USD$ 13 billion under management as of Q2