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Gaw Capital Partners buys 1 Tower of Cityplaza for $15,600 per square foot

2020-11-09T11:50:37.181Z


Gaw Capital announced today that through its managed funds and consortium partners including Schroder Pamfleet, it has signed sales and purchase agreements with Swire Pacific Limited (0019 and 0087) and Swire Properties (1972)


Real estate market

Written by: Cai Weinan

2020-11-09 19:32

Last update date: 2020-11-09 19:45

Gaw Capital announced today that through its managed funds and consortium partners including Schroder Pamfleet, it has entered into a sales and purchase agreement with Swire Pacific Limited (0019 and 0087) and Swire Properties (1972) to acquire a Taikoo Shing, the office building The purchase price was 9.845 billion Hong Kong dollars, or about 15,609 yuan per square foot.

Gaw Capital: Still confident about the future of Hong Kong

Gaw Capital’s Chairman and Managing Partner Wu Jiwei said that after Gaw Capital’s successful acquisition of three floors in Cityplaza and four in Cityplaza in 2018, and the successful acquisition of 625 King’s Road in 2019, he is very pleased to sign the sale and purchase today. The agreement is to acquire one Taikoo Shing. It is believed that this transaction will further expand our commercial asset portfolio in Hong Kong Island East. We look forward to working with our long-term partner Swire Properties to contribute to the sustainable development of Hong Kong Island East.

The group remains confident in Hong Kong's prospects.

Li Shiwen, head of Schroder Pamfleet Real Estate Asia Pacific (non-China region), said that he is very pleased to cooperate with Gaw Capital in this investment transaction. He believes that Taikoo Shing has a superior location and well-managed property, which provides an investment opportunity for Hong Kong's long-term economic prospects. .

Swire Properties sold several properties, all received by Gaw Capital

In fact, since 2018, Swire Properties has been actively selling its properties on Island East, including the sale of part of the floor space of Block 3 and the entire block of Block 4 in Cityplaza for RMB 15 billion in June 2018, involving 770,000 square feet. The home is the mainland real estate developer Henglilon Group, and then introduced Gaw Capital, which now holds 49% of the equity.

Swire reduced holdings several times and cashed out nearly 29.6 billion yuan

As of May last year, Swire Properties and China Motors (0026) sold the entire commercial building at No. 625 King’s Road, Quarry Bay, for approximately RMB 4.75 billion, covering 300,000 square feet and a price of approximately RMB 16,000 per square foot. For Gaw Capital.

Together with the aforementioned 1 Cityplaza, Swire Properties has reduced its holdings of three key buildings in the area, involving approximately 1.7 million square feet of floor space, accounting for 20% of its original floor space in the area in just over two years. , Cashed out nearly 29.6 billion yuan.

At the same time, in mid-October this year, Swire Properties suddenly announced a tender for the sale of parking spaces in Phase 6 of the Taikoo Shing Estate, which has been occupied for 40 years, involving 227 private car parking spaces and 62 motorcycle parking spaces. If all are sold, it is expected to be cashed in. 591 million yuan.

If the group sells all of its more than 3,800 Taikoo Shing parking spaces, it is expected to cash in more than 10 billion yuan.

However, Swire is not "only selling, not buying". For example, in recent years, the group has partnered with Henderson Land to acquire the old building of Yilanzi from 16 to 94 Binhai Street, Quarry Bay and 983 to 987A King's Road, and has applied for redevelopment as a commercial building. , The floor area is about 650,000 square feet.

Rumored to be sold for tens of billions of Swire Properties in Taikoo Shing Plaza: discussions are ongoing

Swire Properties: Heart that Hong Kong will continue to actively invest and expand the Hong Kong market

Swire builds Hong Kong Island East Business Kingdom several times in the past two years to reduce its holdings of more than one million square feet of floor space and cash out 30 billion

Swire dismantles and sells Taikoo Shing parking space for the first time at a guide price of RMB 690 million for each 3 million sold

Swire Properties Taikoo Shing Taikoo Taikoo Shing Centre Commercial Market Grade A Office Building Grade A Commercial Building Gaw Capital

Source: hk1

All news articles on 2020-11-09

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