Tag: Hong Kong

Gaw Capital Consortium Buys HK Shopping Centers for $1.4bn

Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$12.01 billion ($1.4 billion).

The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities.

The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links.

“Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents,” Gaw said.

The shopping centers included in the portfolio are: Retail and Car Park within Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Retail and Car Park within Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Tau Hom (Wang Fai Centre).

“We and our partners are confident about Hong Kong’s future, and believe these malls will continue to serve important functions in the community. Followed by the bid we won together with our consortium partners to acquire 17 shopping malls in 2017, we will further leverage our experience to evolve these malls into refreshed and renewed centers of local life and collaborate with the local NGOs and existing tenants to build a better neighborhood for themselves,” Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said.

It was not the first time for the Gaw Capital-led consortium to acquire assets from Link Reit. In November 2017, the same consortium bought 17 Hong Kong malls for HK$23 billion ($2.9 billion) from Link Reit.

“We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio,” Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, commented.

Gaw Capital has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong. – AsiaPEVC.com

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Hong Kong: Australia’s CTM Acquires HK-based Lotus Travel Group

On-demand Logistics Platform GoGoVan Raises $250m

Hong Kong-headquartered on-demand logistics platform GoGoVan has announced that it has raised $250 million in its latest funding round, led by US-based venture capital firm InnoVision Capital.

In a statement on its website, GoGoVan said the funding round was also participated by Alibaba’s logistics arm Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group.

“We’re proud to announce that GoGoVan has raised $250 million in the first phase of its new round of funding. We will use the new funds to expand our service offering and grow new markets. Also, in the next few months, we will offer a new service type, door-to-door service, to fulfill the demand of small-item segment,” the logistics startup said on its Facebook page.

Established in 2013, GoGoVan is the first app-based platform for transporting goods in Asia. The app GoGoVan was created to connect drivers and customers, and we aim to redefine the everyday logistics experience by providing a convenient and efficient service.

Since its successful July 2013 launch in Hong Kong, GoGoVan has expanded to Singapore, South Korea, China, and Taiwan. The GoGoVan network currently comprises of over 20,000 commercial vehicles and 70,000 registered drivers.

In 2017, GoGoVan and Chinese peer 58 Suyun merged to create a $1-billion logistics heavyweight, thus creating Hong Kong’s first unicorn. Following the merger, the combined entity is known as 58 Suyun in China and GoGoVan outside the country.

Also Read: South Korea’s ProtoPie Raises $3.5m in KIP-led Series A

58 Suyun is the freight business unit of 58 Home, which claims to be China’s largest online marketplace serving local merchants and consumers and holds the majority stake in the combined entity.

The merger was said to create Asia’s only online platform to provide end-to-end on-demand logistics and freight services to both corporate and individual customers.

Hong Kong: Australia’s CTM Acquires HK-based Lotus Travel Group

Australia’s listed Corporate Travel Management has continued its strategic expansion into the Asian market after acquiring a majority stake in Hong Kong-based Lotus Travel Group Limited (Lotus) in a deal worth AU$50 million (HK$300m).

The purchase of 75.1 per cent of Lotus will take effect from October 2, 2018 and will result in CTM becoming the largest travel management company in Hong Kong servicing Greater China, with a combined Total Transaction Value approaching AU$2.5 billion (HK$15bn).

CTM’s partners in Asia, Ever Prestige Investments Limited (EPI), will acquire the remaining 24.9 per cent through CTM Asia.

The acquisition creates optimum scale for the combined entity to leverage technology, support costs and supplier relationships across a wider base to best enhance long-term sustainable growth in the Asian region.

CTM Managing Director Jamie Pherous said the two firms had a great understanding of each other’s culture and leadership teams, which would allow for a seamless integration process.

“Lotus is a long standing and highly regarded travel leader in Hong Kong. They
meet our strict acquisition criteria and, like CTM Asia, are leaders in travel in the region and enjoy high client and staff retention,” he said.

Having operated for more than 60 years, Lotus is a market leader in Hong Kong across the corporate, B2B, wholesale and MICE markets. It employs 400 staff and has offices in Hong Kong and Greater China.

“We have known the CTM Asia leadership team for many years and have watched CTM Asia build a very strong growth business based on highly personalised service delivery with best-in-class technology solutions,” Chairman and CEO of Lotus Travel Group, Patrick Kong, said.

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The acquisition will contribute approximately AU$$4 million (HK$24m) earnings before interest, tax, depreciation and amortisation (EBITDA) over nine months trading to CTM’s 2019 annual results.

Pherous said CTM expected to deliver FY18 results at or slightly above the top end of the previous guidance, at approximately AUD$125m (27% growth on p.c.p).