Latest news with #SchrodersCapital
South China Morning Post
20 hours ago
- Business
- South China Morning Post
Hong Kong's Worfu mall faces seizure after US$190 million loan default
Bank creditors are considering seizing control of a Hong Kong shopping centre after a venture backed by Schroders Capital and Chelsfield's Asia fund defaulted on a loan tied to the property, according to people familiar with the matter. The creditors are looking to appoint a receiver for the Worfu mall, formerly known as Provident Square, in Hong Kong's North Point district, said the people, asking not to be identified for discussing private matters. The mall was used as collateral for the about HK$1.5 billion (US$190 million) loan that a joint venture owned by a consortium including Schroders Capital and Chelsfield Asia Fund 1 defaulted on earlier this year, the people added. United Overseas Bank was the majority lender of the facility. A colourful mural by artist Camille Walala signals the Provident Square mall's rebranding efforts in North Point. The mall, bought by real estate investment fund Pamfleet, was renamed Worfu in January 2019. Photo: Cheryl Arcibal The joint venture's financial troubles underscore the challenges global investors still face in Hong Kong's beleaguered commercial real estate sector. Weak property values mean that even global asset managers face pressures on investments made during the market's previous highs. A Schroders spokesperson said the firm was in discussions with banks on managing the assets to deliver the best possible outcome. Chelsfield Asia declined to comment. UOB did not respond to a request for comment. Chelsfield Asia Fund 1 teamed up with real estate manager Pamfleet in 2018 to buy the Worfu mall from Hong Kong tycoon Li Ka-shing-backed Fortune Reit. The sale price was HK$2 billion, 88 per cent above an appraised value of HK$1.061 billion at the time. Pamfleet was acquired by Schroders in 2020. In January, the Schroders-Chelsfield consortium put the mall up for sale by public tender, but no deal was reached. Another investment property in Schroders Capital's portfolio – The Nate, a serviced apartment tower in Tsim Sha Tsui, the city's bustling tourist district – entered receivership last month, according to Land Registry records.
Business Times
a day ago
- Business
- Business Times
Banks consider seizing Hong Kong's Worfu mall after loan default
[HONG KONG] Bank creditors are considering seizing control of a Hong Kong shopping centre after a venture backed by Schroders Capital and Chelsfield's Asia fund defaulted on a loan tied to the property, according to sources familiar with the matter. The creditors are looking to appoint a receiver for the Worfu mall, formerly known as Provident Square, in Hong Kong's North Point district, said the sources, asking not to be identified discussing private matters. The mall was used as collateral for the about HK$1.5 billion (S$246 million) loan that a joint venture owned by a consortium including Schroders Capital and Chelsfield Asia Fund 1 defaulted on earlier this year, the sources added. United Overseas Bank (UOB) was the majority lender of the facility. The joint venture's financial troubles underscore the challenges global investors still face in Hong Kong's beleaguered commercial real estate sector. Weak property values mean that even global asset managers face pressures on investments made during the market's previous highs. A Schroders spokesperson said that the firm is in discussions with banks on managing the assets to deliver the best possible outcome. Chelsfield Asia declined to comment. UOB did not respond to a request for comment. Chelsfield Asia Fund 1 teamed up with real estate manager Pamfleet in 2018 to buy the Worfu mall from Hong Kong tycoon Li Ka Shing-backed Fortune Reit. The sale price was HK$2 billion, 88 per cent above an appraised value of HK$1.1 billion at the time. Pamfleet was acquired by Schroders in 2020. In January, the Schroders-Chelsfield consortium put the mall up for sale by public tender, but no deal was reached. Another investment property in Schroders Capital's portfolio, The Nate, a serviced apartment tower in Tsim Sha Tsui, the city's bustling tourist district, entered receivership last month, according to land registry records. BLOOMBERG
Mint
a day ago
- Business
- Mint
Banks Consider Seizing Hong Kong's Worfu Mall After Loan Default
(Bloomberg) -- Bank creditors are considering seizing control of a Hong Kong shopping center after a venture backed by Schroders Capital and Chelsfield's Asia fund defaulted on a loan tied to the property, according to people familiar with the matter. The creditors are looking to appoint a receiver for the Worfu mall, formerly known as Provident Square, in Hong Kong's North Point district, said the people, asking not to be identified discussing private matters. The mall was used as collateral for the about HK$1.5 billion ($190 million) loan that a joint venture owned by a consortium including Schroders Capital and Chelsfield Asia Fund 1 defaulted on earlier this year, the people added. United Overseas Bank Ltd. was the majority lender of the facility. The joint venture's financial troubles underscore the challenges global investors still face in Hong Kong's beleaguered commercial real estate sector. Weak property values mean that even global asset managers face pressures on investments made during the market's previous highs. A Schroders spokesperson said the firm is in discussions with banks on managing the assets to deliver the best possible outcome. Chelsfield Asia declined to comment. UOB didn't respond to a request for comment. Chelsfield Asia Fund 1 teamed up with real estate manager Pamfleet in 2018 to buy the Worfu mall from Hong Kong tycoon Li Ka Shing-backed Fortune REIT. The sale price was HK$2 billion ($255 million), 88% above an appraised value of HK$1.061 billion at the time. Pamfleet was acquired by Schroders Plc. in 2020. In January, the Schroders-Chelsfield consortium put the mall up for sale by public tender, but no deal was reached. Another investment property in Schroders Capital's portfolio — The Nate, a serviced apartment tower in Tsim Sha Tsui, the city's bustling tourist district — entered receivership last month, according to land registry records. More stories like this are available on
Bloomberg
a day ago
- Business
- Bloomberg
Banks Consider Seizing Hong Kong's Worfu Mall After Loan Default
Bank creditors are considering seizing control of a Hong Kong shopping center after a venture backed by Schroders Capital and Chelsfield's Asia fund defaulted on a loan tied to the property, according to people familiar with the matter. The creditors are looking to appoint a receiver for the Worfu mall, formerly known as Provident Square, in Hong Kong's North Point district, said the people, asking not to be identified discussing private matters.
Yahoo
24-07-2025
- Business
- Yahoo
Hotel investment activity increases across UK regions
The UK hotel investment market experienced notable growth in the first half of 2025, with single-asset transactions reaching £1.35 billion, marking an 8.4% increase compared to the same period in 2024. This performance also surpassed the 10-year average for H1 transactions, which stands at £1.33 billion. Savills attributes this uptick to a shift in investor focus towards individual hotel assets, reflecting increased confidence in the sector. Edinburgh's w hotel sale leads notable transactions Among the significant deals, Nuveen Real Estate's sale of the W Hotel in Edinburgh to Schroders Capital for over £100 million stands out. This transaction is reported as the largest single-asset hotel deal ever recorded in the Edinburgh market. Additionally, the sale of the Ruby Stella Hotel by RE Capital to LaSalle Investment Management for £48 million further demonstrates the availability of core capital in the market. Regional markets show increased investor interest Regional markets have also demonstrated strong performance. The South West recorded £147 million in hotel transactions during the first half of 2025, a 95% increase compared to the full year of 2024. Similarly, the West Midlands saw £153 million in transactions, up 60% over the same period, highlighting a renewed interest in hotel investment outside of London and the South East. Outlook for the second half of 2025 Looking ahead, Savills projects a robust second half for the UK hotel investment market. With over £6 billion in known live opportunities, including both single assets and larger portfolios, the market is poised to exceed the 10-year annual average of £4.85 billion if these assets transact this year. This optimistic outlook is supported by a strong pipeline of assets and a growing investor appetite for hotel investments across the UK. Overall, the UK hotel investment market in 2025 is characterised by increased activity in single-asset transactions and a broader interest in regional markets, positioning the sector for a strong performance in the latter half of the year. "Hotel investment activity increases across UK regions" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
