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AEW Divests Central Hong Kong Serviced Apartments for HK$240M

By Moveandstay Editorial2 min read
AEW Divests Central Hong Kong Serviced Apartments for HK$240M

US real estate private equity firm AEW has reportedly sold a boutique serviced apartment building in Hong Kong's Central district for approximately HK$240 million. The firm acquired the property, formerly The Mood Hotel, in 2015 and subsequently refurbished it into the Aveny serviced apartments. The sale marks a relatively short holding period of three years for AEW.

Key Takeaways

  • AEW has reportedly sold the Aveny serviced apartment building in Central, Hong Kong.
  • The reported sale price is HK$240 million.
  • The buyer is a local individual investor planning a long-term hold.
  • AEW had purchased the property in 2015 and refurbished it.

Property Details and Sale Process

The 14-storey building, located at 31 Wyndham Street, was originally purchased by AEW for around HK$220 million in 2015. After refurbishing the former Mood Hotel into the Aveny serviced apartments, AEW initially sought HK$280 million for the property last year. However, market conditions in the latter half of the year led to a reduction in the expected sale price.

Buyer and Investment Strategy

According to reports, the buyer is a local individual investor who intends to keep the property as a long-term investment. Antonio Wu of Colliers, who represented AEW in the transaction, indicated that the final sale price was below the HK$250 million figure mentioned in some media outlets, though he did not confirm the HK$240 million figure.

Building Features and Location

The Aveny building spans 8,916 square feet and comprises 11 serviced apartments, with each unit occupying an entire floor. The apartments are designed to cater primarily to working financial professionals. Monthly rental rates for the units range from HK$32,000 to HK$43,000. The building also features a ground-floor restaurant and is situated in the heart of Hong Kong's entertainment district, close to Lan Kwai Fong and SoHo, and a short walk from the prime business district.

Sources

Filed under

Hong Kongserviced apartment
Written by
Moveandstay Editorial

The Moveandstay editorial team writes about serviced living, workspaces, and city guides across Asia-Pacific.

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