Real Estate News 24

Real Estate News 24

Link Real Estate Investment Trust : CentralWalk Debuts as First Asset Enhancement Project in Mainland China

Beth McCandry

  • With the grand opening on Jan. 16, Link completed its first large-scale wealth improvement project in mainland China at Link CentralWalk

  • Link CentralWalk is positioned as “an urban paradise on the central axis of Futian” with a green design in every nook and cranny

  • Link CentralWalk has achieved three green building qualifications: SITES Platinum Pre-Certification, CS Platinum Certification from LEED V4 BD+C and the WELL Health-Safety Rating

Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823), announced today (Sunday) that Link CentralWalk, Link’s shopping mall with a prime location in Futian, Shenzhen, has acquired its Property Expansion has completed the project and is celebrating its grand opening today.

This is the first large-scale project to improve Link’s assets on the mainland. The project cost $350 million.

By optimizing the tenant mix, Link has increased the total number of shops by around 20%. While the mall is aimed at young consumers and white-collar workers in the surrounding Futian CBD, it has also been upgraded to meet the needs of family customers and differentiate its positioning given the neighborhood’s lack of family-oriented malls.

Link CentralWalk is positioned as “an urban paradise on the central axis of Futian” with a green design in every nook and cranny. The interior of the mall is designed with the theme of the four seasons. The seasonal cycle of spring, summer, fall and winter is represented by themed decoration and a variety of seasonal plants. On the roof and sunken outdoor space, plants blooming in different seasons along with evergreens offer visitors a changing green scenery throughout the year. After inventory expansion, Link CentralWalk’s green space now covers more than 18,000 square meters and the overall greening rate has increased by 10 percentage points to 43.1%, with up to 36 species of plants in the mall.

After more than a year of modernization and renovation, Link CentralWalk has achieved three green building qualifications – SITES Platinum Precertification, CS Platinum Certification of LEED V4 BD+C and the WELL Health-Safety Rating – all expected to be officially certified later in the year will be February and March 2022.

George Hongchoy, Chief Executive Officer of Link, said: “Link CentralWalk is Link’s first shopping mall in Shenzhen and our first large-scale asset enhancement project in mainland China. We have brought our wealth enhancement experience at Link’s Hong Kong properties to this project. We hope that the green design concepts advocated by the project can create a relaxing space for the joy of Shenzhen citizens.”

Mr. Hongchoy added, “We are delighted that the mall has achieved the three Green Building qualifications, all highly credible industry certifications in aspects such as green building, site health and safety. These certifications further underscore Link’s commitment to adopting sustainable practices in its mall operations.”

Since 2015, Link has gradually expanded its presence in mainland China, which encompasses a diversified portfolio of nine properties spanning retail, office and logistics facilities in Beijing, Shanghai and other cities in the Greater Bay Area, including Guangzhou and Shenzhen. Mainland assets account for 16.8% of Link’s total portfolio value. [Note]

Note:

As of September 30, 2021, including 50% of the real estate value of Qibao Vanke Plaza, the agreed real estate value of 75% interest in two logistics facilities in Dongguan and Foshan, which were completed in October 2021, the agreed real estate value of 50% interest in three retail properties in Sydney, announced on November 7, 2021, and the agreed property values ​​of two institutional car parks/car service centers and godown buildings in Hong Kong, announced on November 10, 2021.

High resolution images can be downloaded here.

A virtual tour in Link CentralWalk can be viewed here.

For more information on Link’s investment portfolio in mainland China, please visit: https://www.linkreitchina.com/en/home/

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Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading global retail-focused REIT. Link was the first Hong Kong REIT to be listed in 2005, is wholly owned by public and institutional investors and is a constituent stock of the Hang Seng Index. From its Hong Kong headquarters, Link manages a diversified portfolio that includes retail facilities, car parks and offices in Hong Kong, Beijing, Guangzhou, Shanghai, Shenzhen, London and Sydney. Link aims to broaden the growth path of its portfolio and seize expansion opportunities in different markets in order to achieve its mid-term Vision 2025 target. Visit https://www.linkreit.com/ for more information.