| FOR IMMEDIATE RELEASE | 3rd May 2006 |
Swire Properties today (Wednesday, 3 May 2006) announced the recent commitments of three new asset management and luxury fashion tenants at Three Pacific Place. With these latest transactions, Three Pacific Place has achieved an occupancy rate of over 90%, with rent approaching HK$50 psf.
Three new tenants, namely Mirae Asset Global Investment Management Ltd. (Hong Kong), TOD'S Hong Kong Ltd. and Value Partners Ltd., have committed to a total floor area of over 38,000 sq ft.
Kim Yong Moon, Managing Director of Mirae Asset Global Investment Management Ltd. (Hong Kong), commented, "We are delighted to be able to secure our new office in a prime location at Pacific Place. What stood out about Three Pacific Place is the large floorplate with raised floors in a modern and well-designed new building. These, coupled with the excellent market standing of Swire Properties as a property management company, won us over."
Three Pacific Place is the latest addition to the Pacific Place development. The Grade-A office building features raised floor for easy dataline trunking, column-free floor space, dedicated parking and a gracious private drop-off. On top of that, Three Pacific Place will have a direct subway link to Admiralty MTR Station and the rest of Pacific Place complex, which are valued by multinational corporations as the preferred business location.
Besides a prime location, advanced facilities and professional management, tenants also appreciate Three Pacific Place's stylish environment.
"Amongst all Three Pacific Place tenants, over 58% belongs to the banking and professional services sector. Their decisions have no doubt reinforced Pacific Place's position as an established finance and banking hub," said Jolyon Culbertson, Director and General Manager of Swire Properties. "On the other hand, Three Pacific Place's modern architectural design and the artistic Starstreet precinct have attracted tenants who are looking for a premium address with a non-traditional commercial tone."
Sabine Brunner, General Manager of TOD'S Asia Pacific said, "Three Pacific Place is an ideal location for our head office in Asia Pacific. This site is a modern luxury with its prime location and top-grade facilities."
Emphasising building excellence, Swire Offices has created major business hubs in Hong Kong, offering multinational corporations quality facilities, connectivity, environment and services in which to operate.
About Swire Properties
Swire Properties, a wholly-owned subsidiary of Swire Pacific Limited, was incorporated in 1972 and is one of Hong Kong's leading developers with extensive experience in the development and management of major commercial, retail and residential properties. The Company's strategy has been to 'hub' its investment property holdings around major shopping centres and office towers constructed at the principal Mass Transit Railway intersections.
Swire Properties' investment portfolio in Hong Kong principally comprises office and retail premises, which it manages in prime locations, as well as serviced apartments, hotel interests and other luxury residential accommodation. The completed portfolio totals just over 13 million sq ft of gross floor area. Current investment property pending or under development in Hong Kong comprises a further 2.19 million sq ft, mainly of office space.
Visit Swire Properties web site at www.swireproperties.com
About Mirae Asset Global Investment Management Limited (Hong Kong)
Mirae Asset Global Investment Management Limited (Hong Kong) is part of South Korea's Mirae Asset Group, a leading independent financial services group with businesses ranging from asset management, securities, life insurance, investment banking to venture capital. Mirae Asset Group has investment offices in Hong Kong, Seoul, and Singapore. Headquartered in Seoul, the Group offers a wide range of financial products from Asia Pacific ex Japan equities funds, single country funds, fixed income funds and balanced funds.
In Hong Kong, Mirae Asset Global Investment Management Limited was set up in 2003 to offer a greater range of products invested in Asia Pacific ex Japan region for investors from Korea. In 2005, the Group launched its flagship funds, Mirae Asset China Discovery Equity Fund and Mirae Asset China Soloman Institutional Equity Fund for its Korean investors.
About TOD'S Group
Quality and creativity, tradition and modernity with a strong hold on the international market: these are the strategic principles of the TOD'S Group - leader in the shoe industry and luxury leather goods production, with its main brand TOD'S, Hogan and the clothing line Fay. With the new brand addition of Roger Vivier since 2005.
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