Everbright Ashmore exits Chongqing shopping for 2.1x return

The Beijing-headquartered real estate fund manager - a joint venture between emerging markets investment manager Ashmore and China Everbright Group - realized an IRR of 27% and a money multiple of over 2.1x.

"We are very pleased with this second exit from Fund I, which combined with the proceeds from two residential projects, means we have been able to return over 50% of invested capital back to our investors in our first fund - a meaningful amount for a 2009 vintage fund," said James Pan, CEO of Everbright Ashmore.

There are also plans to launch Everbright Ashmore China Real Estate Fund II, which will invest in both retail and residential sectors, but a target fund size was not disclosed.

As of June, Everbright Ashomore had about $1.2 billion assets under management. The US dollar-denominated fund has invested in five property projects in Shanghai, Shenyang and Xuzhou; another RMB5.33 billion ($870 million) across eight projects is managed by the joint venture's  renminbi vehicle.

Located in Guanyinqiao, the second main retail district in Chongqing, IMIX Park has seven floors with a total gross floor area of 128, 381 square meters. Since the acquisition, Everbright Ashmore has repositioned the property into a fully operational shopping centre, with over 150 units.

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• Topics
• Greater China
• Exits
• Real estate
• China
• China Everbright
• Real estate
• Exit