Scarborough Group, a property company run by Sheffield United Football Club owner Kevin McCabe, will list its China real estate subsidiary Scarborough International Limited on the Hong Kong Stock Exchange, the firm announced Tuesday. The firm says te listing will have an anticipated value of around £400 million ($826 million, €558 million).
Scarborough International Limited is a 50/50 joint venture with CH Wong of Top Spring Group, a China and Hong Kong retail investment and real estate developer. Over the past few years the fund has assembled a portfolio of investments and developments in mainland China with an expected development value of some £845 million.
The funds properties include the Scarborough Landmark in Hangzhou, a 50,000 square meter shopping mall completed in August with Walmart as its anchor tenant. The fund also owns another planned ‘Scarborough Landmark’ development in Shanghai, a mixed-use development in Chengdu with a five-star hotel as anchor, a residential/retail complex in Longhua, and a hotel/residential development Changzhou.
The fund also has three projects in its pipeline with an expected combined development value of around £915 million.
The firm says the fund is in the process of bringing on new investors, including McCabe’s longstanding partners and financiers HBOS, via their Australia division, and Kaupthing, the Icelandic bank.
As part of the changes, SIL intends to create a Fund and Asset Management division to complement the development division.