Hong Kong’s Swire sells two office towers in Cityplaza development for US$1.9 billion
Company will use the proceeds from the sales for nearby redevelopment projects as well as a new project in Shanghai
Hong Kong developer Swire Properties said on Friday that it had agreed to sell two office towers at its development in the east of Hong Kong Island for HK$15 billion (US$1.9 billion), using the money for other projects in Hong Kong and Shanghai.
It will sell the 21-storey Cityplaza Three and the 24-storey Cityplaza Four in the Taikoo Shing residential and commercial development in Quarry Bay to Henglilong Investments Limited, the company said in a filing to the Hong Kong stock exchange late on Friday.
“Swire Properties remains steadfastly committed to our home market of Hong Kong, and our long-term strategy has not changed,” the company said in separate emailed comments.
Cityplaza Three has floor areas of 18,700 square feet to 19,300 square feet while Cityplaza Four’s floors are 23,600 square feet to 24,300 square feet, according to the company’s website.
The buyer is a company incorporated in the British Virgin Islands for the purpose of investment holding, the Swire filing said. It did not elaborate.
It added that the proceeds from the sale would go to projects including the redevelopment of Taikoo Place, adjacent to Taikoo Shing, the expansion of Pacific Place in the central Admiralty area and the extension of the Citygate commercial development in Lantau Island, as well as to Swire’s new Qiantan project in Shanghai, among others.
