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The Smile Centre looks ready to have some value added
SilkRoad Property Partners has acquired a cold-storage building in Fanling, an industrial area which is becoming a hotspot for alternative investments in Hong Kong’s New Territories.
Having just closed on $549 million in fresh capital last month, SilkRoad paid HK$321 million ($41.4 million) for the six-storey Smile Centre, according to an announcement by property consultancy CBRE, which advised on the sale.
SilkRoad, which also holds the Ever Gain Centre in Hong Kong’s Shatin area, expressed faith in the local market. “The project is the fourth industrial addition to our Hong Kong portfolio, reflecting our strong confidence in the city’s resilient industrial sector,” said chief executive Peter Wittendorp.
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SilkRoad Achieves $549M Final Closing of 2nd Pan-Asia Fund
SilkRoad sold off a set of heritage shophouses in Singapore just last month
SilkRoad Property Partners on Wednesday announced the final closing of its latest real estate fund, Silk Road Asia Value Partners II (SAVP II), at $549 million, exceeding the investment manager’s $500 million target.
The company announced its latest financial milestone after having closed on six investments for the new vehicle, primarily in pandemic-resistant assets such as industrial and neighbourhood retail, according to a statement.
The closing came despite the COVID-19 crisis having led SilkRoad to extend the fund raising period for SAVP II, after the vehicle reached a first $377 million first closing in the fourth quarter of 2018.