InfraRed NF China Real Estate Fund I sells shopping centre in Beijing
InfraRed NF China Real Estate Fund I (the “Fund”) is pleased to announce the recent completion of the disposal of Project Wangfujing, a prime shopping centre in Beijing, at an asset value of c.RMB 2.2bn (c.US$ 320m).
The c.40,000 sqm shopping centre is prominently located along Wangfujing, a pedestrian street in a well-established commercial district in the centre of Beijing. The asset was originally acquired as a turnkey development project from a Beijing-based developer in late 2007. At the time of the exit, the shopping centre was materially let with anchor tenants including Adidas, Pizza Hut, Jumei (China’s largest online cosmetics retailer), CaffeBene and a Nikon Camera Showroom.
The shopping centre is one of the two remaining assets in Fund I and its sale means that all investor commitments to the Fund have been repaid.
Stuart Jackson, the CEO of InfraRed NF Investment Advisers commented, “The sale of the asset means that we have now returned all investor capital plus a profit from Fund I. The sale is our 10th exit from the Fund and a significant milestone for the business and our investors.”