Weave Living and PGIM form US$200 mil JV, jointly acquire Hong Kong hotel

/ EdgeProp Singapore |
Photo of the Kowloon property that was jointly acquired by Weave Living and PGIM Real Estate under the new joint venture (Picture: Weave Living)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - Weave Living and global real estate asset manager PGIM Real Estate have announced the formation of a US$200 million ($275 million) joint venture to explore opportunities within the rental accommodation sector in the region.
PGIM will hold 90% of the joint venture while Weave Living will hold the remaining 10% and be responsible for the development and operations of assets under the joint venture.
The parties have completed the acquisition of the first asset under this new joint venture — a 435-key property that was the former Rosedale Hotel, located in Hong Kong's Kowloon area. According to a June 2 joint press release by Weave Living and PGIM, the property will be renovated over the next 12 months. The work will include a reconfiguration of some of its 435 units to create flexible modern living solutions for residents. Upon completion, it will be Weave Living's largest property to date.
The new 111,000 sq ft property will feature communal spaces including work-from-home facilities, wellness spaces, kitchens and recreation areas. It will also incorporate sustainable features, including solar panels that will generate electricity to support power usage throughout the 19,000 sq ft of shared spaces within the property, including a 4,000 st ft rooftop terrace.
Beyond the Kowloon property, Weave Living and PGIM state that the joint venture will also continue to explore opportunities in the rental accommodation sector in the region’s key gateway cities.
The partnership between Weave Living and PGIM reflects a shared vision between the two parties, especially the commitment to putting ESG (environmental, social and governance) at the forefront, says Bennett Theseira, head of Asia-Pacific at PGIM Real Estate. “Weave Living’s commitment to reducing its carbon and waste footprint to promote sustainable living concurs with our core investment strategies,” he adds.
Sachin Doshi, founder and group CEO of Weave Living, says the company is confident it can further scale the brand through the partnership with PGIM. “As far as we are aware, this is the first time a long-term, global, core investor has established a foothold in the fast and institutionalising multi-family living sector in Hong Kong, and we are pleased that Weave Living has secured this opportunity in partnership with PGIM for our newest property,” he remarks.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More