Mayer Brown advised Weave Living on the formation of a US$140 million equity joint venture with LaSalle Investment Management (LaSalle), and advised the joint venture on its first acquisition of an en-bloc apartment building on Robinson Road, a highly-coveted residential area in Hong Kong.
Weave Living is Asia Pacific's leading fully integrated lifestyle rental accommodation provider, and LaSalle is one of the world's leading real estate investment management firms.
The acquisition of the property on 68 Robinson Road for HK$275 million (US$35 million) is Weave Living's third in Hong Kong this year and marks LaSalle's return to the Hong Kong property market.
Mayer Brown represented the joint ventures between Weave Living and its capital partners Angelo Gordon and PGIM Real Estate respectively in the previous acquisitions in Hong Kong this year, reflecting the firm's depth in both the upstream formation of investment platforms and management arrangements, as well as the downstream acquisitions.
The Mayer Brown team was led by Hong Kong-based Real Estate partners Peter Ho and Eugene Wong and included associates Sharon Tam and Richard Tang (on acquisitions) and Noah Chung (on joint venture and management arrangements).