Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Hong Kong stock code: 823), today (Tuesday) celebrated the completion of the first phase of asset enhancement and grand opening of Link Plaza Tianhe.
The asset, strategically located in the eastern section of Zhujiang New Town, a new central business district of Guangzhou, serves as a high-quality urban “social hive” where middle-class families of the city can meet and relax, as well as a “third place” specifically designed for professionals and young people to unwind and enjoy life. The revitalisation also underlines a fresh approach to community commerce Link is bringing to its Mainland China retail portfolio, leveraging Link’s active asset management experience and asset enhancement expertise.
With a capital expenditure of RMB 300 million, the first phase of asset enhancement for Link Plaza Tianhe (formerly known as Happy Valley Shopping Mall) began in September 2022. The project has comprehensively enhanced the property’s asset value through reconfiguring vacant space, strategically repositioning the trade mix, and creating a comfortable and pleasant public space.
Over the past year, more than 60 new brands have been added to the mall, with 50% of those being first-in-the-city or first-in-the-district shops. Following Link Plaza Tianhe’s soft opening in September 2023, its current occupancy rate stood at more than 95% and yielded a return on investment of approximately 12%.
Link Plaza Tianhe shattered two monthly records in October 2023 since the acquisition by Link in June 2021: footfall was up more than 40% compared with a year earlier and with September 2023; and total monthly sales were up 30% from September 2023 and a whopping 65% from October last year.
Link has continued to inject sustainability elements into its asset enhancement projects to help push the green building practices forward. Link Plaza Tianhe will be the world’s first commercial project to receive the three leading green certifications of LEED Building Design and Construction (BD+C): Core and Shell V4 Platinum Precertification, Parksmart Pioneer Precertification, and WELL HSR (Health-Safety Rating Criteria) certification.
, said, “Through asset enhancement and revitalisation of our strategic positioning, we strive to create a win-win situation where shoppers will benefit from an elevated shopping experience while tenants enjoy increased business opportunities and an enriched brand image. With the fresh approach to community commerce in the Mainland as demonstrated by Link Plaza Tianhe, we aim to not only create commercial value but also present the asset as a ‘social hive’ and a lively and vibrant ‘third place’, bringing communities and people together.”
With the grand opening of Link Plaza Tianhe, Link announced its new dual-brand positioning strategy for its retail properties in Mainland China. The dual brands, “Link Plaza” and “Link CentralWalk” will be accessible to different customers as Link expands further into the Mainland China market. “Link Plaza” malls are positioned to be hangout locations for families and young people in the neighbourhood and nearby communities for dining, drinking and parent-child educational experiences; essentially, these are community-friendly, eco-friendly and inclusive social hives, while “Link CentralWalk” malls as large-scale mixed-use commercial landmark properties in central business districts within core cities that appeal to a broader prospective demographic.
Since 2015, Link has continued to expand its investment portfolio in the Mainland, where it has gradually built a high-quality, diverse and sustainable asset portfolio. Its network encompasses properties in Greater Bay Area cities such as Guangzhou and Shenzhen in addition to Hong Kong, as well as Beijing and Yangtze River Delta cities including Shanghai, covering retail, office and logistics.
High-resolution pictures can be downloaded.
Link’s Mainland China retail property brand video can be viewed.
For more information about Link’s Mainland China property portfolio, please visit:
Link Real Estate Investment Trust (Hong Kong stock code: 823) is the largest REIT in Asia by market capitalisation. It is managed by Link Asset Management Limited, a leading real estate investor and asset manager in the world. Since its listing in 2005 as the first REIT in Hong Kong, Link REIT has been 100% held by public and institutional investors. It is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. From its home in Hong Kong, Link Asset Management Limited owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning from China’s Beijing, Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), and Yangtze River Delta centred around Shanghai, to Singapore, Australia’s Sydney and Melbourne and the UK’s London. Link Asset Management Limited seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of sustainable growth.
For details, please visit.