KaiLong Acquires Three En Bloc Buildings in Hong Kong

OCT 2017

KaiLong, a regional real estate investment fund, has acquired three en bloc properties in Sheung Wan, reflecting positive market sentiment in the area’s office sector amid Central’s tight vacancy environment. CBRE acted as the real estate consultant for the transaction totaling approximately HK$1 billion. 

“With the average price of grade A office assets in Central increasing by 15% this year, investors have been driven to find alternative investment opportunities which yield greater upsides in returns,” said Andy Wong, Senior Director, Capital Markets, CBRE Hong Kong. “Our team at CBRE are noticing increasing interest in commercial real estate in Sheung Wan, where investors such as KaiLong are seeking to transform the older areas of the district into thriving commercial hubs.”

After acquiring three en bloc buildings in Sheung Wan earlier this year, KaiLong continued to strategically expand its footprint in the region. KaiLong plans to convert the block of properties into two modern office buildings for strata sale next year. 

"With the buildings' proximity to the MTR station I believe that the space will be highly sought-afterby local firms as well as MNCs," said KaiLong's Managing Director Ivan Ho. "Sheung Wan, an extension of Hong Kong's core CBD, offers a great alternative for tenants seeking office space outside of Central."

To this date KaiLong has invested a total of over US$2.5 billion in 47 real estate projects in China, Hong Kong and the United Kingdom.

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