Private equity firm Century Bridge Capital has made a $44.4 million investment in a joint venture with Coastal Greenland Ltd. to develop a residential project in Wuhan, China.
The project is a middle-income residential building that is located in Hankou.
Century Bridge China Real Estate Fund LP provided $30.5 million of the investment’s funding, while $14.4 million was provided through co-investment.
The deal is the first from Century’s fund, which has more than $170 million in committed capital. The firm believes that in the next 15 years, between 300 million and 400 million people in China are expected to relocate to cities, and that the country’s infrastructure needs will continue to drive growth.
Century focuses only on investing in real estate in China. The firm has offices in Beijing and in Dallas.
For more on private equity’s interest in the real estate sector, see “Beyond Location.”