HONG KONG, May 5, 2022 /PRNewswire/ — LOFTER GROUP ("LOFTER" or "the Group"), a Hong Kong-based property developer, is pleased to announce the partnership with BentallGreenOak and Schroders Capital to acquire majority portion of Nos. 31-37 Hankow Road, Tsim Sha Tsui for Grade-A commercial redevelopment.
Carol Chow, Founder and Chairperson of LOFTER, said this redevelopment project is in core Tsim Sha Tsui area along Hankow Road, one of the most prominent streets in core Tsim Sha Tsui. The site is a mere 2-minute walk from Tsim Sha Tsui MTR Exit A and only minutes away from various large-scale shopping malls, 5-star hotels and Grade-A commercial buildings. The proposed Grade-A commercial development will be a unique landmark building enjoying Victoria Harbour view.
Alvin Leung, Director of Investment Management of LOFTER, said the subject site with a total site area of approximately 9,650 sq. ft. is zoned as "Commercial" yielding a maximum gross floor area of approximately 115,800 sq. ft. The total acquisition price is over HKD1.5 billion, representing an accommodation value of HKD12,953 per sq. ft. The site has a wide frontage of over 33-metre facing Hankow Road with high retail value. The site will be redeveloped into the best-in-class Grade A commercial tower incorporating various cutting-edge technology and green and sustainable design features. With majority ownership in the buildings, the compulsory sale procedures have been commenced to obtain the remaining ownerships in the domestic portion.
Top-tier international capital partnership with reputable local developer
"We are pleased to be partnering with BentallGreenOak and Schroders Capital on this strategic real estate acquisition in one of the most core commercial area in Hong Kong. The partnership signifies an excellent synergy bringing together the global horizons of top-tier international private equity and asset management firms and deep local market knowledge and expertise of a reputable local developer." Chow added.
About LOFTER GROUP
Founded in 2012, LOFTER GROUP is a property developer based in Hong Kong. It is principally engaged in developing exceptional and high-quality residential, commercial, retail, and industrial properties. Leverage on its extensive experience, the Group is actively exploring a variety of opportunities for developing urban renewal projects across core districts of Hong Kong, with key focus on Grade A Commercial and luxury residential projects. The Group plans to accommodate the needs of a diverse market and dynamic social policies, while maintaining a good balance between profitability, responsibility and sustainability.
Further information about LOFTER GROUP can be found at www.loftergroup.com
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $74 billion USD of assets under management (as of December 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
Further information about BentallGreenOak can be found at www.bentallgreenoak.com
About Schroders Capital
Schroders Capital provides investors with access to a broad range of private asset investment opportunities, portfolio building blocks and customised private asset strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private asset mandates. The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity. With $70 billion* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
*Assets under management as at 30 June 2021 (including non-fee earning dry powder and in-house cross holdings)
Further information about Schroders Capital can be found at www.schroderscapital.com