17 Nov 2023
Media:
AASTOCKS
am730
Bastille Post
Bloomberg
Headline Daily
HK01
Hong Kong Economic Journal
Hong Kong Economic Times
Ming Pao Daily News
Oriental Daily News
Now Finance
SCMP BIZ
Sing Pao
Sing Tao Daily
Ta Kung Pao
TVB
Wen Wei Po
SFC pays HKD5.4 billion to Swire Properties for 12 floors at One Island East
Swire Properties has reached an agreement to sell 12 floors of office space at One Island East to the Securities and Futures Commission (SFC) for a consideration of HKD5.4 billion. As part of its plan to cut rental costs by securing a permanent home, the market regulator decided to add three floors to the nine floors it currently occupies at One Island East, bringing the total occupied area to approximately 296,000 sq ft. According to adviser JLL, the deal represents the largest end-user office transaction in Hong Kong since 2019. The acquisition of the nine floors currently occupied by SFC would take effect in December 2023, while the deal for the other three floors would be completed by 2028.
Swire Properties is expected to record an underlying profit of approximately HKD4.362 billion from the sale. The Company considers One Island East as the Group’s core asset in the Taikoo Place portfolio and has no plans to dispose any additional core assets.
Media:
AASTOCKS
am730
Bastille Post
Bloomberg
Headline Daily
HK01
Hong Kong Economic Journal
Hong Kong Economic Times
Ming Pao Daily News
Oriental Daily News
Now Finance
SCMP BIZ
Sing Pao
Sing Tao Daily
Ta Kung Pao
TVB
Wen Wei Po