Rava Partners-backed flexible living provider Dash Living has announced the acquisition of 39 Morrison Hill Road in Wan Chai, Hong Kong for approximately HK$400 million ($65.21 million), over 60% below the pre-pandemic asking price and “significantly” below replacement cost.
Formerly operating as the 26-storey, 98-room BeLiving Youth Hub, the property is located a three-minute walk from Times Square, a luxury shopping centre and office tower complex in Hong Kong’s Causeway Bay.
The property will be converted into a hybrid hotel and serviced apartment under Dash Living’s signature all-inclusive flexible living model, and will be rebranded as Dash Living on Morrison — Dash Living’s 10th location under management in Hong Kong.
Dash Living on Morrison increases the firm’s assets under management to over US$500 million ($638.94 million) in the city.
Since Rava’s investment in 2025, Dash has tripled its assets under management to US$1.1 billion with over 2,000 beds under management, expanding its footprint in Japan and Hong Kong.
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The firm manages assets on behalf of internationally recognised real estate investment managers including BlackRock, Greystar, Schroders, PGIM Real Estate and Hines, among others.
“This acquisition reflects our strong momentum and deep conviction in the long-term growth of both Dash Living and the Hong Kong market,” says Aaron Lee, CEO and founder of Dash Living. “With the continued recovery of the real estate market and surge of tourism and overseas talents, we see tremendous opportunity to bring this type of irreplaceable location, once in a cycle investment to our capital partners.”
Rava Partners is the real estate private equity arm of Hillhouse Investment Management, established in 2020 together with Rava Partners’ senior management to complement Hillhouse's broader private investment platform.
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Since its launch, Rava Partners has invested more than US$3 billion on behalf of funds managed by Rava and Hillhouse in more than 20 real estate companies across the Asia-Pacific region.
Hillhouse Investment Management was founded in Singapore in 2005 with initial funding from Yale University. Claiming to be one of the world’s largest global private alternative asset managers, the company invests on behalf of leading institutional clients around the world, including university endowments, foundations and sovereign wealth funds across the Americas, Europe, Asia and the Middle East.
Hillhouse offers a diverse range of investment strategies, including buyout, real assets (via Rava Partners) and private credit (Elham Credit).
Hillhouse today boasts an international team of over 450 professionals from more than 18 countries, with offices in Singapore, New York, Tokyo, London, Mumbai, Hong Kong, Amsterdam, Sydney, Abu Dhabi, Shanghai and Beijing.
“Dash Living continues to be the market leader in the Hong Kong living sector, with its proven track record of creating alpha with its technology-enabled operating platform,” says Hillhouse partner and Rava co-head Joe Gagnon. “With the market showing clear sign of recovery, we are excited to continue supporting Dash’s growth in the market with a core asset at an attractive basis.”
Photo: Dash Living
