AND SUCCESSFULLY ACQUIRES A PRIME RESIDENTIAL BLOCK AT 68 ROBINSON ROAD FOR HKD275 MILLION AS THE NEW VENTURE'S FIRST ASSET
The Group's first-ever two-bedroom, self-contained, design-led residences to be launched in Q2 2023
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HONG KONG, Aug. 29, 2022 /PRNewswire/ -- WEAVE LIVING, Asia-Pacific's leading fully-integrated lifestyle rental accommodation provider, today is pleased to announce its fourth successful acquisition in 2022. In forming a USD140 million equity joint venture with LaSalle Investment Management (LaSalle), one of the world's leading real estate investment management firms, the Group has acquired an en-bloc apartment building at the highly coveted residential enclave of Robinson Road for HKD275 million (USD35 million) as this new venture's first asset. WEAVE LIVING plans to transform the property into its most luxurious offering featuring the portfolio's largest homes to date, catering to the needs of young couples and families. The Robinson Road property will diversify the Group's rental accommodation portfolio to further embrace the needs of urban dwellers who are looking for stylish, move-in-ready and flexible residential options in prime locations.
WEAVE LIVING ACQUIRES 68 ROBINSON ROAD
Sachin Doshi, Founder and Group CEO of WEAVE LIVING said: "With a proven track record for delivering bespoke acquisition opportunities in desirable locations that reap outsized returns, WEAVE LIVING is proud to have once again obtained strong capital support from a highly accomplished partner in LaSalle. With this latest acquisition, we further diversify our product offering and capital relationships to capture a broad set of opportunities in the rental accommodation asset class in Asia-Pacific."
"In line with an increased demand for more spacious yet practical residences in the mid-upscale home sector, we will transform the Robinson Road property into 25 two-bedroom apartments which will showcase the ethos of the WEAVE RESIDENCES brand. We have exciting plans for this property, which will see us upgrade the entire building into immaculately appointed family and pet-friendly homes. This new property complements the highly successful WEAVE RESIDENCES debut offering on Hospital Road – WEAVE RESIDENCES - MID-LEVELS, which opened in August 2021. With a mix of large open-plan studios and one-bedroom units, all 48 homes of the property are fully-occupied to date."
Claire Tang, Co-Chief Investment Officer, Asia Pacific and Head of Greater China for LaSalle, said, "We are pleased to work with a best-in-class developer and operator in rental accommodation solutions like WEAVE LIVING to continue building our portfolio of multi-family residences in Hong Kong and Singapore."
Located on one of Hong Kong's most sought-after residential streets in the prime Mid-Levels district, this new WEAVE LIVING location is well-connected to the best in city living, with daily essentials, local gems, Michelin-starred restaurants, and entertainment and commercial hubs all within easy reach.
Following similar partnerships with Angelo Gordon, PGIM Real Estate, and the latest one with LaSalle, WEAVE LIVING has now acquired a total of four new properties in Hong Kong and Singapore in 2022, and grown its portfolio to approximately 1,500 units across 10 properties in the two cities. This latest joint venture, which is WEAVE LIVING's third such institutional partnership in the last 12 months, will help the Group pursue further acquisitions in Hong Kong and Singapore with an additional investment capacity of USD400 million.
About Weave Living
Founded in 2017 by Sachin Doshi as a response to the gap in the market for beautifully designed and professionally managed living options, WEAVE LIVING currently owns and operates rental accommodation units across the Asia-Pacific region under its three consumer brands — WEAVE STUDIOS, WEAVE SUITES and WEAVE RESIDENCES — catering to a broad and diverse demographic of urbanites and professionals in key gateway cities.
Offering flexible lease terms and move-in-ready homes with all-inclusive prices for a streamlined, stress-free rental process, WEAVE LIVING's dedication to its residents and neighbourhood is matched by a commitment to the local community via frequent collaborations with artists, brands, and partners, which imbues each WEAVE location with a true sense of place.
Source: Weave Living