Century Bridge Capital has announced that Century Bridge China Real Estate Fund has exited and repatriated the proceeds from its investment in Wuhan, China.
In March 2013, the fund closed on its $30.5 million investment in the 1,427-unit development with the balance of the $45 million investment provided through co-investment in July 2013. Century Bridge partnered with Hong Kong–listed residential developer, Coastal Greenland Limited, on the project.
Located in an in-fill, middle-income, residential project in Wuhan, China, the project comprises 1.74 million square feet and is located in Hankou, Wuhan’s traditional downtown business center.
“As we approach the completion of the investment cycle for the Century Bridge Capital Real Estate Fund L.P. portfolio, it is instructive to reflect on the presence we have established in China and what we have learned since we began our operations in China 11 years ago,” said Tom Delatour, Century Bridge CEO. “Having managed through a full market cycle in China’s residential market, we have been able to see how our dedicated strategy of focusing on middle-class housing in Tier II cities provides a solid framework for managing and safeguarding our investors’ capital. Our strong, on-the-ground team of Chinese real estate professionals has been critical in allowing us to identify, secure and work side-by-side with local development partners to underwrite middle-income residential projects. In the Wuhan project, working together with our partner Coastal Greenland, we were able to jointly execute our construction and development activities as well as calibrate our marketing strategies for the project in order to maximize sale proceeds and protect our investment multiple.”
Century Bridge Capital is a private equity firm with offices in Dallas and Beijing. The firm is focused exclusively on investment in the middle-income, residential real estate sector in China’s fast growing Tier II cities. Its China-focused private equity real estate fund, Century Bridge China Real Estate Fund, raised more than $170 million of total committed capital from 10 global institutions.
