WEAVE LIVING and PGIM REAL ESTATE Join Forces for a USD200 Million Urban Living Joint Venture

• Published date: 02 June 2022
• Publication title: Xinhua Finance Agency

The new partnership will see the two companies explore their shared commitment to ESG for their first joint city living project in Hong Kong's booming West Kowloon district. HONG KONG SAR - Media OutReach - 2 June 2022 - WEAVE LIVING, Asia-Pacific's leading fully-integrated lifestyle rental accommodation provider, and PGIM REAL ESTATE, the leading global real estate asset manager with c.

USD210 billion of assets under management and administration, today jointly announce the formation of a USD200 million urban living joint venture (JV) in Hong Kong. The new JV has completed the acquisition of an en-bloc premises at 86 Tai Kok Tsui Road (the former Rosedale Hotel, Kowloon).

This acquisition represents PGIM REAL ESTATE's first joint investment with WEAVE LIVING in the rental accommodation sector in Hong Kong. While PGIM REAL ESTATE will hold 90% of the JV on behalf of its open-ended Asia Core strategy, WEAVE LIVING will take a 10% stake and be responsible for asset, development and operations management of the JV and its assets under the WEAVE LIVING brand.

The partners will also continue to explore opportunities in the burgeoning rental accommodation sector in the region's key gateway cities. Over the next 12 months, the JV will invest to undertake an extensive renovation of the West Kowloon property and expect to grow its Gross Development Value to over USD240 million, with the intention to own and operate the repositioned asset on a long-term basis.

The property is set to be transformed into the type of all-inclusive urban living concept that has become synonymous with the WEAVE LIVING brand. The work will include a reconfiguration of some of the property's 435 units to create stylish, well-appointed, and flexible modern living solutions for residents at what will become the largest property in the WEAVE LIVING portfolio to date.

Leveraging the existing green design and practices of the property, the JV partners will also explore more ways to incorporate sustainable features throughout the property. Plans include the setting up of solar panels on the rooftop with electricity generated to support power usage throughout the 19,000 square feet of shared spaces within the property, including the 4,000-square-foot rooftop terrace.

In-line with the JV partners' mutual vision around environment, social and governance (ESG) considerations for this new location, WEAVE LIVING has also secured green financing from The Bank of East Asia, Limited for this...