Deals

Century Bridge makes first exit from debut fund – Exclusive

The Beijing and Dallas, Texas-based private equity real estate firm has harvested its investment in a residential project in Wuxi, China.

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Century Bridge Capital has made its first exit from its debut fund, divesting its stake in a $217 million residential development in Wuxi, China, the firm said.'

The Beijing and Dallas, Texas-based private equity real estate firm originally invested $32.5 million in the development alongside Hong Kong-listed developer, Jingrui Holdings, in April 2014. The firm used capital from its debut fund – Century Bridge China Real Estate Fund, which attracted $170 million from 10 investors, back in 2012 – to fund the deal.

“When we established our operations in China ten years ago, we implemented a dedicated strategy, focusing on middle class housing in Tier II cities. A critical and differentiating component of our strategy was to work together with experienced Chinese joint venture partners,” commented Century Bridge chief executive, Tom Delatour.

The development includes 1,694 residential units in six high rise towers and a series of low rise townhouse structures. Located in the city of Wuxi in an established in-fill location in Xidong New City the development is part of a growing neighborhood in the Xishan Industrial District of Wuxi. The project is adjacent to the Wuxi East High-Speed Train Station with close proximity to educational resources, retail amenities, and local subway transportation as well as hospital facilities.

Back in March Century Bridge invested $11.5 million in a $122 million residential project in Ningbo, China. For the latest fund’s first capital deployment, Century Bridge is again partnering with Jingrui Holdings on the 840-unit, 970,256 square foot development in Ningbo, an industrialized port city. Capital came from the firm’s second development-focused fund, Century Bridge China Real Estate Fund II.

The firm held a first close for the vehicle in September 2015 on $59.7 million, according to a filing with the US Securities and Exchange Commission.

Century Bridge focuses on middle-income, residential real estate in Chinese Tier 2 and Tier 3 cities.