Century Bridge closes China real estate fund on $170m
Century Bridge has reached a final close of more than $170 million for its China-focused real estate fund. The Century Bridge China Real Estate Fund will invest equity in build-to-sell, middle-income, residential real estate projects and development enterprises in tier-two cities.
Commitments to the fund were received from global investors, including the Church Pension Fund, Metropolitan Real Estate Equity Management, Merseyside Pension Fund, Quilvest and Deutsche Finance Group.
Placement agents Avec Capital and XT Capital Partners led the fundraising on behalf of the GP.
"We have in place a seasoned team of Chinese real estate professionals who are essential to the thoughtful selection of development partners and the thorough underwriting of prospective investments, as well as the hands-on management of these developments with our Chinese JV development partners," said Century Bridge CEO, Tom Delatour.
China's ongoing urbanization and infrastructure needs will continue to drive growth in the tier-two cities, with 300-400 million people expected to participate in rural-urban migration in the next 15 years.
Last year, Dallas-based Century Bridge made its first exit from an investment in China, selling its stake in a $125 million joint venture with Jia Heng Real Estate. The joint venture led to the construction of 1,200 residential units in 11 high-rise towers in Xi'an, Shanxi province, adjacent to the Xian Hi-Tech Development Zone.
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