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K&L Gates Advises Dash Living on Second Joint Venture With PGIM Real Estate for the Acquisition and Development of The Sheung Wan by Ovolo

5 March 2024

Global law firm K&L Gates has advised Dash Living on its new joint venture with PGIM Real Estate for the acquisition and development of The Sheung Wan by Ovolo, a 56-key boutique hotel located in Hong Kong’s central business district. This is Dash Living’s second co-living joint venture with PGIM Real Estate, strengthening their existing partnership following the opening of Dash Living on Hollywood, the recently launched co-living residence acquired in connection with their first joint venture.

The new property will mark Dash Living’s 26th location in the Asia-Pacific and will be converted into Dash Living on Queen’s – an expansion of Dash Living on Hollywood, a co-living residence which is a three-minute walk away. Dash Living anticipates Dash Living on Queen’s to enhance investor returns, as residents of its Hollywood and Queen’s Road residences will have access to shared facilities, fostering a connective living community and operational synergies.

Dash Living was founded in Hong Kong in 2014 and has grown its footprint in key locations across the region, including Singapore, Japan, and Australia. PGIM Real Estate is the US$210 billion real estate investment and financing business of PGIM.

Hong Kong corporate partner William Ho led the K&L Gates team that advised Dash Living with assistance from associate Amy Lau and trainee solicitors Enzo Wu and Janet Li.

In 2021, K&L Gates also advised Dash Living on its first joint venture with PGIM Real Estate for the acquisition and development of Dash Living on Hollywood. This recent deal was the fourth private equity-backed real estate acquisition transaction on which the K&L Gates corporate team advised Dash Living, and is the latest in a series of matters on which K&L Gates has assisted Dash Living in recent months.

K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with more than 500 lawyers in offices on five continents providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.

K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.

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