Century Bridge makes first investment via China fund
Century Bridge Capital has invested $44.4 million in a joint venture with Coastal Greenland for the development of a residential project in Wuhan, Hubei province. It is the first investment from the firm's China fund.
Of the capital committed, $30.5 million came from China Real Estate Fund, with the remaining $14.4 million provided through co-investment.
"This investment in Wuhan is right in line with our strategy of investing in middle-income, residential housing in tier-two cities, which targets opportunities that capitalize on China's larger urbanization trend," Century Bridge CEO Tom Delatour said in a statement.
The group held a final close of more than more than $170 million for the China Real Estate Fund last September, less than half the $400 million originally targeted.
Commitments to the first-time vehicle, launched in spring 2010, were received from global investors, including the Church Pension Fund, Metropolitan Real Estate Equity Management, Merseyside Pension Fund, Quilvest and Deutsche Finance Group.
Delatour told AVCJ last year that all investments from the fund will be done via joint ventures.
In 2010, the private equity player made its first exit in China, selling its stake in a $125 million joint venture with JiaHeng Real Estate. The joint venture - which was partly funded by Century Bridge's balance sheet - built 1,200 residential units in 11 high-rise towers in Xi'an, Shanxi province.
"For foreign investors, it is always wise to do business in China by partnering with developers who have good reputation, experiences and knowledge about how to do business in a particular city," Delatour said.
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