LimeTree Capital has acquired nine underground car parks in Beijing for RMB 761 million, strengthening its portfolio in an undervalued asset class amid rising car ownership in China.

Information on the Target

LimeTree Capital has successfully acquired a portfolio comprising nine underground car parks in Beijing for RMB 761 million (approximately $107 million) from Soho China. This strategic acquisition marks a significant expansion for the private equity firm, which aims to enhance its investment in what it identifies as an "undervalued and under-researched" asset class.

The acquired car parks are positioned within nine of Soho's mixed-use developments throughout China’s capital, notable projects include the renowned Zaha Hadid-designed Soho Galaxy. Following this acquisition, LimeTree Capital will operate these facilities under its established brand, “We Park,” thereby adding to its comprehensive portfolio of approximately 35,000 parking spaces across various projects in nine Chinese cities, including major urban hubs such as Shanghai and Shenzhen.

Industry Overview in China

China's car ownership rates are on a rapid ascent, with governmental reports highlighting a pressing deficit of approximately 50 million parking spaces nationwide. The