Dutch civil service pension fund subsidiary APG has invested euro 311 million in Chinese language mall proprietor and operator Chongbang.
Canadian property investor Ivanhoe Cambridge has taken a euro 445 million stake within the Chinese language enterprise on the similar time. The 2 corporations will be a part of Singapore sovereign wealth fund GIC on the shareholder register.
APG’s head of personal actual property investments in Asia-Pacific area, Sachin Doshi, stated the funding fitted with the fund’s technique of investing in “city-specific platforms in key gateway city centres around the globe” and dealing with locally-based companions with native market experience.
“Speedy urbanisation, rising disposable incomes and continued rebalancing in the direction of home consumption are recurring themes in China, and Shanghai will lead this consumption story,” he stated.
“We like Chongbang’s deep understanding of shopper preferences and the robust way of life themed retail complexes they’ve constructed and operated efficiently underneath the Life Hub model.”
Chongbang, based mostly in Shanghai, was based in 2003 by a gaggle of Hong Kong and Singapore buyers led by Henry Cheng, the corporate’s CEO, and Stephen Wong. The corporate now owns 428,000 sqm of combined use retail and residential belongings and business area in Shanghai. It was an extra 417,000 sqm underneath improvement.
Cheng says Chongbang goals to greater than double its portfolio in coming years, cementing its place as a most popular landlord for top grade retail and way of life tenants in Shanghai.