(HONG KONG) – Hines, the international real estate firm, has acquired the Butterfly on Prat Hotel in the heart of Tsim Sha Tsui, (“TST”) Hong Kong, to convert into a tech-driven rental housing offering for young professionals. The asset was purchased on behalf of the firm’s Pan-Asia fund, Hines Asia Property Partners (“HAPP”), in partnership with MindWorks Properties, a Hong Kong-based real estate and technology firm. The asset will serve as the co-living flagship for DASH Living, Hong Kong’s largest operator of urban professional housing.
“Butterfly’s strategic location made it an ideal acquisition for living conversion. The asset is adjacent to parks and restaurants and convenient to both Hong Kong metro and the China High-Speed Rail to the Mainland, providing unparalleled access to the Greater Bay Area,” shared Arthur Hui, director at Hines who led the transaction.
Currently, a 158-key hotel, the asset will be rebranded as DASH Living on Prat, following renovations to become a premier co-living complex featuring design, amenities, and community programming targeted at today’s young professionals. In addition, the renovated asset will include ground-floor retail.
“We are excited to bring a differentiated residential offering to TST, driven by technology and the ESG principles of community,” said Claire Cormier Thielke, senior managing director and country head of Greater China at Hines. “Hines continues to expand in Greater China and we look to add to our existing portfolio compelling new investment opportunities across product types.”
Hong Kong’s median home price is over twenty times median household income, yet institutional rental options for young professionals remain limited. "We are pleased to partner with a global leader, Hines, to provide alternative living solutions in one of Hong Kong’s most important districts," said Tong Lynn Yu, Investment Partner at MindWorks Properties.
The asset of approximately 70,000 square feet is the newest addition to the open-ended HAPP fund, which launched in April 2021 and most recently purchased New Stage Yokohama, an office tower in the Greater Tokyo market. “We are excited to expand and diversify our portfolio with the addition of Butterfly. The living sector in Hong Kong provides a unique opportunity for our Fund to gain exposure to the growth and strength of the Greater Bay Area, in particular as we look to the economic recovery beyond COVID,” commented Simon Shen, the fund manager responsible for HAPP.
Hines first entered the Asia Pacific Region in China in 1996 and has expanded throughout 15 cities across Australia, Greater China, India, Japan, Korea and Singapore, with $4.9 billion of assets under management. The firm now employs over 200 people in the region.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About MindWorks Properties
MindWorks Properties is a real estate investment and asset management firm founded in 2018 with a focus on non-traditional real estate sectors such as co-living & hospitality, logistics & storage, and data centers. MindWorks Properties is affiliated with MindWorks Capital, a venture capital firm established in 2013 which utilizes a Pan-Asia strategy to source direct investments in technology companies across both Greater China and Southeast Asia. MindWorks currently manages over US$1 billion in total net asset value across its funds and is a co-investment partner of the Innovation Technology Venture Fund initiated by the Hong Kong government. For further information, please visit www.mindworks.vc
About DASH Living
Dash Living is Asia Pacific's new generation of rental solution in Hong Kong, Singapore, Tokyo, and Sydney. Venture capital backed by MindWorks Capital, Grosvenor, Taronga Ventures, and more, Dash Living’s mission is to create a global accommodation community through sharing economies, tech, and unique tenant experiences, empowering discerning urban professionals to live and thrive in the most expensive cities in the world. Website: www.dash.co