Hong Kong-based LimeTree Capital's car park-focused fund acquired a portfolio of nine underground car parks in Beijing from Soho China Ltd. for 761 million yuan, Mingtiandi reported, citing the private equity firm's business manager, Kevin Wang.

Under an agreement signed Sept. 30, six subsidiaries of Soho China agreed to sell the portfolio to Huibo Car Park Investment (Guangzhou) Co. Ltd. The fund's acquisition brings its overall parking portfolio to roughly 35,000 bays across 47 mixed-use projects, hospitals and shopping malls in nine cities in China, including Shanghai, Shenzhen and Chengdu.

In 2018, Soho China recorded a rental income from the car parks amounting to 20 million yuan, up 18% year over year from 17 million yuan.

The car parks will be operated under LimeTree's We Park brand.

As of Oct. 23, US$1 is equivalent to 7.06 yuan.