News and Insights
Second Acquisition in Asia
In April 2018, Chelsfield Asia Fund 1 acquired a second property in Hong Kong in a 60/40 joint venture with L Catterton (a partnership between Catteron, the leading consumer-focused private equity firm, LVMH and Groupe Arnault, the family holding company of Bernard Arnault).
Located in the central business district and beside Landmark, a top-tier luxury shopping and lifestyle destination, this 7,800 sq ft property comprises four connected ground floor retail units and are part of a 31-storey Grade A office building.
Nick Loup, Chief Executive Officer of Chelsfield Asia says: “We felt the luxury retail market was bottoming out so it was a good time to buy exposure to a prime Central retail position. Both the Hong Kong and the Chinese economies look positive and the luxury retail business in prime locations is improving after some very tough times.”
The strategy is to sub-divide the space into smaller units to create a more dynamic mix and attract more pedestrian footfall, let the Des Voeux Road Central facing unit to a luxury tenant, and temporarily operate the rest of the space as a pop-up gallery to then later lease it to premium retail brands.
Chelsfield has appointed Lead8 to enhance the façade.