News and Insights
First Acquisition in Asia
Chelsfield is pleased to announce that its Fund, Chelsfield Asia Fund 1, has acquired Provident Square for US$257m in a JV with fund manager Pamfleet and two local partners. The 210,000 sq ft neighbourhood shopping mall is located in North Point, which is a densely populated and mature residential area on Hong Kong Island and approximately a 10-minute drive east from Central. It has a 650 ft street frontage and an immediate catchment of 50,000 local residents.
Chelsfield sees a tremendous opportunity to transform the physical appearance of the centre to enable it to invigorate the tenant mix and positively rebrand the asset. Chelsfield is taking the lead on the asset management strategy but will oversee the execution jointly with Pamfleet.
Nick Loup, Chief Executive Officer of Chelsfield Asia, said, “We are delighted that our friends at Pamfleet and our two long-standing local partners ASI and CSI have joined us in a joint venture and look forward to refreshing the mall to add value to the local retail offer.”
This is the first asset for the Chelsfield Fund and there are currently two more deals under exclusivity. Further acquisitions are expected throughout 2018.