HONG KONG SAR – Media OutReach Newswire – February 6, 2024 –
Dash Living, Asia Pacific’s leading assisted living community, and PGIM Real Estate have formed a second joint venture and completed Ovolo’s acquisition of The Sheung Wan, strengthening their existing partnership following the opening of Dash Living in Hollywood in December 2023. This new addition strengthened its joint venture portfolio within a 3-minute walk to a total of over 200 keys in Hong Kong’s premier central business district, creating operational synergies to generate returns for investors.
PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM, the $1.22 trillion global investment management business of Prudential Financial, Inc.. The asset was acquired on behalf of investors as part of its value-add strategy in Asia Pacific.
Sheung Wan by Ovolo, a modern 56-key hotel located in the vibrant downtown Sheung Wan district, was previously co-managed by Ovolo and Dash Living since March 2021, reinforcing the company’s in-depth understanding of the operational intricacies of the asset.
It will soon be converted into Dash Living on Queen’s, as part of an expansion of the recently launched Dash Living on Hollywood co-living apartments, which are a 3-minute walk away. Situated among renowned restaurants, bars, cafes and art galleries like the PMQ Creative Center, as well as city heritage sites such as the Man Mo Temple, this central location attracts young urban professionals and tourists looking for extended and short stays. The property is set to undergo an innovative transformation, incorporating Dash Living’s exclusive technology access to community amenities, such as a fully equipped kitchen, meeting spaces and outdoor spaces. Residents of Dash Living on Hollywood and Dash Living on Queen’s will have access to shared facilities at both properties, fostering a collaborative environment with shared resources for joint community events to promote networking and interaction.
“We are confident that the new acquisition will significantly improve the value proposition for young business talents and the next generation of tourists,” said Aaron Lee, CEO and founder of Dash Living. “Our expanded joint venture with PGIM Real Estate is positioned to be a key driver in optimizing investor returns for the entire cluster. The acquisition comes at an ideal time as our assets are experiencing a strong rebound and outperformance thanks to this long and short stay model. , a robust asset class that meets a critical market need. Our average monthly rates for 2023 in Hong Kong have exceeded pre-Covid rates by more than 20%.
The new acquisition is the second co-living joint venture between Dash Living and PGIM Real Estate. The expanded collaboration in hybrid short- and long-stay assets comes at a time when short-stay rentals are facing a strong recovery with the return of tourists and business travel to Hong Kong, while low-cost technology of Dash Living has enabled the long-stay rental business to ensure stable asset performance. .
“PGIM Real Estate continues to see strong growth potential in the region’s extremely undersupplied residential for rent sector. Together with one of the leading co-living operating partners, Dash Living, we are delighted to add another high-quality rental housing asset to the Hong Kong sector. prime location for our Asia Pacific value-add portfolios,” said David Fassbender, Managing Director and Senior Portfolio Manager of Asia-Pacific Value-Add Strategy at PGIM Real Estate. “Driven by the secular shift from ownership to rental and favorable policies, the housing sector offers significant growth prospects and attractive income for investors in a volatile market context. »
Dash Living was founded in Hong Kong in 2014 and has since expanded its presence in key regions including Singapore, Japan and Australia, creating a connected living community across the Asia-Pacific region. In 2024, the company increased its presence and penetration to 26 locations in the region.
Hashtag: #DashLiving #PGIMRealEstate #Co-Living
The issuer is solely responsible for the content of this announcement.
