LOFTER GROUP(樂風集團) partner with BENTALLGREENOAK, SCHRODERS TEAM
Once-bustling Hankow Road has taken a hit from the pandemic
Just two months after announcing a residential project with SC Capital on Ap Lei Chau Island, a Hong Kong redevelopment specialist on Thursday unveiled a joint venture with BentallGreenOak and Schroders Capital to develop a commercial project in Tsim Sha Tsui.
Together with its global fund manager partners, Lofter Group is paying over HK$1.5 billion ($190 million) to acquire a set of properties at 31-37 Hankow Road in the Kowloon shopping district, with plans to construct a 115,800 square foot (10,7589 square metre) project on the site, the company said in a statement.
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“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,” said Lofter founder and chairperson Carol Chow. “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.”
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Lofter and its partners are acquiring the aging properties as Hong Kong’s pandemic restrictions have choked off the flow of visitors which had made Tsim Sha Tsui a shopping mecca. Hong Kong retail sales fell for a second consecutive month in March, according to government figures, and research by Savills shows that rents for shops and mall spaces fell by an average of 5 percent in the city during the first quarter.
Retail Value Emphasised
Before redeveloping the 9,650 square foot commercial site, which is currently occupied by a golf shop and other retail establishments, the three partners will have to gain full control of the buildings, with the announced purchase providing them with majority ownership of the properties.
“Every street and district has its own history and story. We would like to convey a message that redevelopment and conservation can coexist. Some young people told us it is the first time they have see a Nokia mobile phone and a typewriter after visiting the Concept Studio,” Carol Chow Founder and Chairperson of LOTER GROUP said.
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