Hong Kong developer Wheelock has sold a trio of retail properties in Tseung Kwan O to private equity fund manager Phoenix Property Investors.

According to business news site Mingtiandi, the HK$3.38 billion (US$432 million) deal includes a combined 300,000sqft adjoining set of three community retail centres Capri, Savannah and Monterey, currently almost at completion. The properties comprise the commercial element of a set of three neighbouring residential communities.

Phoenix’s managing partner and chief investment officer Samuel Chu said the properties’ distinctive design is strengthened further by its location in a rapidly maturing premium residential district amidst some of the most important new infrastructure projects and government-led investments in Hong Kong.

Phoenix reportedly invested HK$442 million (US$56.4 million) in February to buy commercial space in the V Heun Building on Queen’s Road in Central.