and Ziroom have partnered to invest in and operate rental housing assets in China.
The partnership鈥檚 newly formed Izara Holdings platform has started its first joint project, a 1,500-room development in Beijing鈥檚 Shijingshan district, with a projected total investment of RMB1.2bn (鈧�159m) and a completion target in 2027.
Calvin Chou, head of Asia-Pacific at Real Estate, said: 鈥淭here is a fundamental shortage of institutional-quality rental housing in primary cities such as Shanghai and Beijing. As demand remains supported by strong demographic trends and the need for modern and affordable rental accommodations, we believe this joint venture will fill a clear market void while setting new industry benchmarks.
鈥淏y combining our global investment expertise with Ziroom鈥檚 innovative operational capabilities, Izara aligns squarely with our vision to deliver high-quality, efficient rental housing solutions and attractive investment opportunities for our global clients.鈥�
Meng Yue, CEO of Ziroom Asset Management, said: 鈥淭his collaboration presents an exciting opportunity to build and own better living products, created through the Izara platform.
鈥淚zara is committed to the long-term growth of China鈥檚 rental housing market. By integrating our technology-driven approach with Invesco鈥檚 investment acumen, we aim to redefine the rental housing experience in China, providing residents with high-quality, well-managed living spaces.鈥�
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