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Warbug Pincus-Backed Nova, Infrared NF Invest 465M in Rental Project

Last Updated: Monday, July 02, 2018 - 17:22

Warbug Pincus-Backed Nova, Infrared NF Invest 465M in Rental Project

News has emerged that there are plans underway for the Honkou Balian Shopping Mall on 699 Tongfeng Road to be redeveloped and converted into a rental apartment complex. The ¥465 million site has reportedly been snapped up by the Warbug Pincus-backed Nova Property Investment firm and the Hong Kong-based real estate investment management firm InfraRed NF.

This is the second project that two groups have embarked on together; in the summer of 2017, they invested ¥628.49 million in the Shanghai Puxi Kaiyuan Hotel, with plans to redevelop it into a rental apartment compound. The opening date for that project is set for the fourth quarter of 2018.

Individually, both investment groups have been ramping up their involvement in Shanghai’s residential rental apartment sector. Warbug Pincus joined up with Nova earlier this year to establish a ¥20 billion fund with developer Sunac. The fund is aimed at redeveloping commercial properties in 1st and 2nd Tier cities. Already, Nova has 36 projects in its portfolio, with plans to continue expanding.
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InfraRed NF itself is the brain child of UK’s InfraRed Capital Partners and Hong Kong-based Nan Fung Group’s Vervain Resources. They are focused on acquiring underperforming retail and hotel properties and converting them into mixed-use assets. And, with business amping up in China, the group has recently appointed Ivan Fang and Nicholas Jiang as its investment directors in Shanghai. 

This newest rental housing project in Hongkou comes in at 43,000 square meters in total. The complex will feature full amenities, including restaurants, and it will add 400 units to market supply. The completion date is currently set for the third quarter of 2019.

“We are delighted to make this investment which provides a compelling opportunity for us to deliver superior returns in keeping with our value-add strategy,” said Hans Kang, InfraRed NF’s Chief Investment Officer. “We see further strong investment opportunities and our deal pipeline is extremely healthy with both mezzanine and value-add deals.”
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