Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823) announced today (Sunday) that Link CentralWalk, Link’s shopping mall primely located in Shenzhen’s Futian, has completed its asset enhancement project and is celebrating its grand opening today.
This marks Link's first large-scale asset enhancement project in the Mainland. The project cost $350 million.
Through optimisation of the tenant mix, Link has increased the total number of shops by about 20%. While the mall targets young consumers and white-collar workers in the surrounding Futian central business district, it has also been enhanced to cater for the needs of family customers, differentiating its positioning in view of the lack of family-oriented shopping malls in the district.
Link CentralWalk is positioned as an "urban paradise on the central axis of Futian", with a green design in every nook and cranny. The interior of the shopping mall is designed with the theme of four seasons. The seasonal cycle of spring, summer, autumn and winter is presented through thematic decoration and a variety of seasonal plants. At the rooftop and outdoor sunken plaza, plants that bloom in different seasons, together with evergreens, presents changing greenery scenery to visitors throughout the year. Following the asset enhancement, the green area of Link CentralWalk now spans more than 18,000 square metres, and the total green coverage ratio has been raised by 10 percentage points to 43.1%, with as many as 36 kinds of plants in the mall.
After more than a year of upgrading and renovation, Link CentralWalk has achieved three green building qualifications – SITES Platinum Precertification, CS Platinum Certification of LEED V4 BD+C and the WELL Health-Safety Rating – all of which are expected to be officially certified during February and March 2022.
George Hongchoy, Link’s Chief Executive Officer, said, “Link CentralWalk is Link's first shopping mall in Shenzhen and our first large-scale asset enhancement project in the Mainland China. We have applied our experience in asset enhancement at Link’s Hong Kong properties to this project. We hope that the concepts of green design advocated by the project can create a relaxing space for the enjoyment of Shenzhen citizens.”
Mr Hongchoy added: “We are glad that the mall has achieved the three green building qualifications, all are highly credible industry certifications in aspects such as green construction, site health and safety. These certifications once again underline Link's commitment in applying sustainable practices in its operations.”
Since 2015, Link has progressively expanded its footprint in Mainland China, which comprises a diversified portfolio of nine properties spanning retail, office and logistics facilities in Beijing, Shanghai, and other cities in the Greater Bay Area including Guangzhou and Shenzhen. The Mainland assets account for 16.8% of Link’s total portfolio value. [Note]
As at 30 September 2021, including 50% property value of Qibao Vanke Plaza, the agreed property value of 75% interests in two logistics assets in Dongguan and Foshan, which was completed in October 2021, the agreed property value of 50% interests in three retail properties in Sydney, which was announced on 7 November 2021 and the agreed property value of two institutional grade car park/car service centres and godown buildings in Hong Kong, which was announced on 10 November 2021.
High-resolution pictures can be downloaded here.
A virtual tour in Link CentralWalk can be viewed here.
More information about Link’s Mainland China asset portfolio can be found here: https://www.linkreitchina.com/en/home/
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Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading retail-focused REIT in the world. Listed in 2005 as the first REIT in Hong Kong, Link has been 100% held by public and institutional investors and is a Hang Seng Index constituent stock. From its home in Hong Kong, Link manages a diversified portfolio including retail facilities, car parks and offices spanning Hong Kong, Beijing, Guangzhou, Shanghai, Shenzhen, London and Sydney. Link seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of its medium-term target Vision 2025. For details, please visit https://www.linkreit.com/ .