|HSL Becomes the Manager for HKSHA-GIC Joint Venture||
Hong Kong Shanghai Alliance Holdings Limited (“HKSHA”) has entered into a joint venture partnership (“Venture”) with GIC (Realty) Private Limited (“GIC”) on 1st June 2018. GIC is a sovereign wealth fund established by the Minister of Finance of the Government of Singapore. The property investment arm of HKSHA, Hongkong and Shanghai Land Capital Ltd (“HSL”), is appointed as the Venture Manager to undertake day-to-day management and to provide advice and support on project acquisition, asset management and disposition.
The total equity commitment of the Venture amounts to US$350 million with an aim to capitalize on the mismatch between the demand and supply for quality and affordable grade A office space in Shanghai. The Venture seeks to acquire under-utilized properties in prime locations and boost its value by making them to take on a completely bright new look.
HSL is a subsidiary 60% owned by HKSHA and has a reputable track record for asset revitalization and optimization.