Century Bridge Capital reported that it invested up to US$45 million in a joint venture project with Coastal Greenland Limited. The joint venture funds will be used for the development of a middle-income, in-fill, residential area in Wuhan, China. The project will comprise 162,000 square meters and is located in Wuhan's customary downtown business center.
Around US$30.0 million of the funds was made available by Century Bridge China Real Estate Fund, L.P. The excess of US$14 million was provided by means of a co-investment. The financial commitment represents the first investment by Century Bridge's fund, a fund that has over US$170 million of committed funding from nine global establishments.
"This investment in Wuhan is right in line with our strategy of investing in middle-income, residential housing in Tier II cities, which targets opportunities that capitalize on China's larger urbanization trend. In addition, the location of the project in an already mature district where supermarkets, schools, hospitals and recreational facilities are within walking distance, along with convenient access to Wuhan's financial district, make the development very attractive for residential buyer," said Century Bridge CEO, Tom Delatour.
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