Shui On Land (00272) said it entered into a framework agreement with Green Acres B 2014 Limited pursuant to which Shui On Land has been appointed to identify opportunities for potential acquisition or investment and establish and set up limited partnerships to invest.
The total commitment by Shui On Land is US$375 million (equivalent to about HK$2,906.25 million). Commitment by Green Acres amounted to US$225 million (equivalent to around HK$1,743.75 million).
The investment strategy of the investors will be to develop, own, and operate mid-size, mixed-use knowledge communities with residential and commercial property components in strategic locations characterized by a high concentration of universities, high-tech parks and/or research and development parks.
Green Acres is a special purpose vehicle mainly engaging in real estate investment which is ultimately wholly owned by a public institution based in the Middle East.
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