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Swire Properties sells Cityplaza One office tower for HK$9.85 billion (US$1.27 billion) after its parent posted first interim loss in half a century

The price translates to HK$15,609 per square foot, which is 18 per cent lower than what Swire earned two years ago when it sold two neighbouring towers

Gaw Capital, a Hong Kong-based private equity firm, confirmed it had bought the 23-year-old tower through a fund under its management, and consortium partners including the UK’s Schroder Pamfleet

Swire Properties, one of Hong Kong’s largest owners of offices and shopping centres, has sold a 21-storey office building to a consortium of investors led by Gaw Capital Partners for HK$9.85 billion (US$1.27 billion), after its parent posted its first interim loss in half a century.

The company, Swire Pacific’s listed property arm, said it had sold Cityplaza One at the Taikoo Shing project on the eastern side of Hong Kong Island for HK$9.85 billion to “realise cash from its investments”, in a filing to Hong Kong stock exchange late on Monday.

That translates into a price of HK$15,609 per square foot, which is 18 per cent cheaper than what Swire Properties earned two years ago when it sold the neighbouring Cityplaza Three and Cityplaza Four towers.

“[It] is part of our ongoing business strategy – to dispose of certain non-core assets that will enable us to recycle capital and channel it to new projects in our core markets,” said a spokesperson for Swire Properties in a separate statement.

“We remain committed to Hong Kong and to our long-term investment strategy in our home market. We’re confident in the Hong Kong office market’s long-term outlook.”

Swire Properties’ interim core profit plunged 80 per cent to HK$3.75 billion while its parent group, Swire Pacific, one of Hong Kong’s largest and oldest conglomerates, swung to its first interim loss since 1974 as its Cathay Pacific Airways unit was weighed down by the unprecedented travel slump from the coronavirus pandemic.

Gaw Capital, a Hong Kong-based real estate private equity firm, confirmed it had bought the 23-year-old grade A office tower through a fund under its management, and consortium partners including the 216-year old Schroder Pamfleet, a UK-based multinational asset manager.

“We continue to be confident about Hong Kong’s future. With the new addition of Cityplaza One to our Island East portfolio, we look forward to working together with our long-time partner Swire Properties to contribute to the continued evolution of the [Hong Kong’s Island East] district as the alternative [central business district] of Hong Kong Island,” said Goodwin Gaw, chairman and managing principal of Gaw Capital.

Gaw Capital, together with Hengli Investments Holding (Group) chaired by mainland Chinese tycoon Chen Chang Wei, bought Cityplaza Three and Cityplaza Four, next to Cityplaza One, for HK$15 billion in 2018.

Cityplaza One, with a gross floor area of about 629,000 square feet (58,400 square metres), is home to companies like Marriott International, MSIG Insurance and AT&T.

The Taikoo Shing project was built on the site of the former Taikoo Dockyards, which traces its history to the late 19th century during British colonial days under the ownership of John Swire and Sons, the ultimate owner of the Swire Group.

(South China Morning Post)

For more information of Office for Lease in Cityplaza please visit: Office for Lease in Cityplaza

For more information of Grade A Office for Lease in Quarry Bay please visit: Grade A Office for Lease in Quarry Bay

Swire sells Cityplaza office for $9.8b

Swire Properties (1972) agreed to sell Cityplaza One, a 21-story office building at Taikoo Shing in Quarry Bay, to real estate private equity firm Gaw Capital Partners for HK$9.84 billion, or HK$15,609 per sq ft.

The property was valued at about HK$7.93 billion as of June 30 by an independent valuer, Swire Properties said.

The developer is expected to record a gain on disposal of approximately HK$5.47 billion on an underlying basis. The proceeds from the disposal will be put towards Swire Properties' general working capital requirements.

Cityplaza One has a gross floor area of about 629,000 square feet.

This came four weeks after the shopping mall landlord said it would sell 32 car parking spaces and four motorcycle parking spaces at Taikoo Shing through tender - the first time in nearly four decades.

Two years ago, the developer sold Cityplaza Three and Cityplaza Four for HK$15 billion to mainland investor Chen Changwei's Henglilong Investments. Later, Gaw Capital took up a 49 percent stake in the pair of office towers.

In the primary market, New World Development (0017) will offer 343 units at phase two of The Pavilia Farm in Tai Wai for sale on Saturday.

The developer previously released 343 units in the second price list in phase two at an average HK$20,399 per sq ft after discounts, 2.8 percent higher than the first price list.

The cheapest flat, measuring 330 sq ft, is offered at HK$6.99 million, or HK$21,188 per sq ft after discounts.

Meanwhile, Hong Kong Ferry (0050) and Empire Group released 123 units in the fifth price list of Starfront Royale in Tuen Mun, at an average HK$15,131 per sq ft after discounts, 3.7 percent higher than the first price list.

But two buyers forfeited deposits of about HK$400,000 in total after walking away from purchases of two flats at the project. They involve a 208-sq-ft flat, which was priced at HK$3.42 million, and a 290-sq-ft flat, which was offered for HK$4.62 million.

In other news, the Urban Renewal Authority said a total of 43 remaining units in eResidence are designated as "Starter Homes" units and open for application by eligible persons starting from November 10 until 7pm on November 23.

(The Standard)

For more information of Office for Lease in Cityplaza please visit: Office for Lease in Cityplaza

For more information of Grade A Office for Lease in Quarry Bay please visit: Grade A Office for Lease in Quarry Bay

 

基滙豪擲98.45億購太古城中心1座全幢疫市下矚目「大刁」呎價逾1.56

近期投資市場漸改善,本報日前率先披露,基匯資本以約百億洽購太古城中心1座,該宗買賣亦告落實,基滙資本牽頭財團剛以98.45億、向太古地產購入太古城中心1座,平均呎價約15609元,成為疫市下矚目的「大刁」,亦是過去2年以來,市場再現近百億的大手買賣。

太古股份及太古地產昨聯合公布,以98.45億出售太古城中心1座,買家為GawCapital (基滙資本) 旗下管理基金及包括SchroderPamfleet在內的財團,平均呎價約15609元,該集團指出,這是公司重要里程碑,符合長遠業務策略,透過出售部分非核心資產讓資金流轉,以投資於核心市場新項目。

太古:出售部分非核心資產

該集團發言人表示,集團繼續推展太古坊重建計畫,繼太古坊1座開幕後,專注發展太古坊2座。該甲廈提供100萬方呎樓面,預計於2022年竣工。集團亦重建華廈工廈及仁孚工廈,以帶動太古坊下一階段發展,預期該項目將新增78萬方呎商用樓面。至於金鐘太古廣場3座對面的用地,重建為約21.8萬方呎樓面的甲廈,預計於2023年落成。

此外,公司正於本港發展多個全新住宅項目,包括星街小區的EIGHTSTARSTREET,以及分別位於港鐵黃竹坑站及柴灣的2個住宅項目。

基滙資本主席及執行合夥人吳繼煒指出,基滙資本對香港前景仍然充滿信心,繼2018年基滙資本收購太古城中心3座部分樓層、太古城中心4座及2019年收購英皇道625號後,該宗交易進一步壯大其在港島東商業資產組合。

該項目由基滙資本及SchroderPamfleet在內的財團合作購入,SchroderPamfleet地產亞太區主管 (非中國地區) 李世文表示,太古城中心1座位置優越,管理完善,為香港長期向好的經濟前景提供一個投資機會。

吳繼煒:壯大港島東商業組合

據了解,該宗交易部分以現金支付,部分以買方控股公司RavenBlueLimited發行對價股份支付,即太古控股將持有RavenBlue不超過37%的間接股本權益。該宗交易讓太古地產獲取資金,所得的項將用作公司一般營運資金。

平均呎租逾40

該物業樓高27層,租客不乏大機構,包括中銀集團、三井住友保險、泰禾人壽保險及惠普 (hp) 等等,目前平均呎租逾40元。物業亦是太古城中心三座寫字樓中,最接近港鐵出口,較同系第3及第4座寫字樓配套為佳。

基匯資本目前持有太古城中心3座太古城中心4座一批樓面收租,物業為2018年10月向恒力集團購入,作價約76億,平均呎價2萬餘元,以此計算,最新的第1座呎價較當時跌約20%。恒力集團則於2018年6月向太古地產購入第3座部分樓面及第4座全幢,合共79萬方呎,作價150億,然後於同年10月引入基匯資本作為股東。

(星島日報)

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五年斥逾500億大手掃商用物業