Brookfield has formed a cold storage joint venture with M膩ori Capital to acquire an industrial site in Tsing Yi, Hong Kong, from Swire Properties.
The 246,000sqft Tsing Yi asset will serve as the seed property for the cold storage joint venture between Brookfield and Uni-China subsidiary M膩ori Capital. The venture will explore further investment opportunities in cold storage assets and related businesses across Asia.
The logistics business of Uni-China, the largest fresh food and wet market operator in Hong Kong, has signed a commitment for full occupancy when the project completes in 2026.
Andrew Burych, head of East Asia real estate, Brookfield, said: 鈥淭he conversion of the Tsing Yi property to a high-spec cold storage facility is in line with Brookfield鈥檚 strategy of revitalising underutilised industrial assets across Asia.
鈥淧artnering with M膩ori Capital and leveraging Uni-China鈥檚 operating footprint creates a powerful combination of institutional capital and local market expertise and we see potential to create a vertically integrated cold chain platform across key urban markets.鈥�
Jackie Ling, chairman of Uni-China Group, said: 鈥淲e see rising demand for quality cold storage in Asia鈥檚 growing fresh food retail sector, driven by consumers鈥� shift towards high-quality products. Our strategic expansion in the cold storage business is set to seize these opportunities.鈥�
Michael Ling, managing partner of M膩ori Capital, said: 鈥淭he partnership marks a key step in evolving modern cold chain infrastructure. We look forward to working closely with Brookfield to expand the JV platform and leveraging both of our expertise to invest in high-quality assets and businesses related to cold solutions across the region.鈥�
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