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China Resources Capital, APG launch $265m car park fund

  • Andrew Woodman
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China Resources Capital (CR Capital), the financial services arm of state-owned China Resources Group, and Dutch pension fund asset manager APG have established a $265 million car park fund.

CR Capital and APG will each commit $120 million to the vehicle, known as the China Resources Urban Car Park Investment Partnership. Other investors include Macquarie Capital and Wilson Parking Hong Kong, a leading car park manager and operator in Asia Pacific.

The fund is seeking to become the largest car park focused investment vehicle in China by acquiring both development and operating car park assets. It will build a diversified portfolio of car park assets in city center locations, with a focus on tier-one and tier-two cities where demand is most significant.

The fund will have access to seed investments from China Resources Group and will also acquire car park assets off the market.

"CR Capital will leverage various business units within China Resources Group to provide specialist development, asset and investment management services in order to create a valuable portfolio for the Partnership," said Jiang Wei, chairman of CR Capital.

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