KKR invests in Wang On retail property

Private equity company KKR has invested in a two-story retail podium at the Lake Silver apartment complex at Ma On Shan in the New Territories, owned by Wang On Group.

It is the second retail transaction announced by Wang On in just a week, following its investment in another retail podium in The Parkside.

KKR will pay HK$180 million (US$22.9 million) for its 50-per-cent stake in the Ma On Shan property, a 28,200sqft retail space, which is currently tenanted. The monthly rental income from the shopping centre is about HK$602,000, plus management fees.

Wang On said it considered cooperating with KKR represented a good opportunity to use the group’s knowledge and expertise in property investment and management and to partner with a renowned institution to expand its business.

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