APG has launched a joint venture with Wang On Properties to enable affordable housing, urban regeneration and urbanization in Hong Kong. With the so-called JV Company, 523 million euros will be invested in housing and housing development.
Graeme Torre, Head of Real Estate for APG Asset Management Asia Pacific: “We see the Greater Bay Area being an economic cornerstone for China and Hong Kong as a critical part of that initiative. We are therefore delighted to be able to partner with an operator as experienced and embedded in the local market as Wang On. Investing on behalf of our long-term pension fund clients, the strategy for our new joint venture will address several strategic themes for us such as housing affordability, urban regeneration and urbanization. The latter being a key tenet of our aspirations around climate and responsible investing."
Read the press release.