Swire Properties announced today that it has completed the sale of a 50% stake in PCCW Tower at TaiKoo Place, Island East to Grosvenor, the international property development, investment and fund management group. Swire Properties will retain a 50% interest in the office tower which was valued at HK$4,388m.
The sale completes the process of Swire Properties increasing its holding in PCCW Tower from 20% to 50%, thereby ensuring a stable future for this long-term asset. With a lettable area of 544,000 sq ft, PCCW Tower is one of Swire Properties’ thirteen office buildings in Island East, Hong Kong’s largest private commercial hub.
Martin Cubbon, Swire Properties’ Chief Executive, said: “We are pleased to have completed the process of increasing our interest in PCCW Tower to 50%, a level which we feel will safeguard our interests in one of our core assets in Hong Kong. We are excited to partner with Grosvenor, a company with an excellent track record in property development and management. Sharing the same vision, we trust that this joint venture lays a solid foundation for a strong and successful partnership in the future.”
Nick Loup, Chief Executive of Grosvenor Asia Pacific, added: “We are delighted to add this significant long term investment to our growing portfolio of core assets and to be co-investing with Swire Properties. Given the success of the development of Swire Properties Island East portfolio to date and their future vision, we are confident of the growth prospects over the long term.”