| For Immediate Release | 15 November 2010 |
15 November 2010, Hong Kong - 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 Grade A 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."
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use development in prime locations at major mass transportation intersections. The Company's investment portfolio in Hong Kong totals over 17.8 million sq ft (approximately 1.66 million sqm)* of gross floor area, with Pacific Place, Island East and Festival Walk as its core holdings. In addition to Hong Kong, the Company has a presence in Mainland China, the United States and the United Kingdom.
In Mainland China, Swire Properties has an investment portfolio amounting to over 10.8 million sq ft (over 1 million sqm)*, the majority of which is under construction. The four projects consist of mixed-use developments in Beijing, Shanghai and Guangzhou, with Sanlitun Village and The Opposite House hotel in Beijing being the best-known among them.
In 2008, the Company formed Swire Hotels to create and manage intriguing urban hotels in Hong Kong, Mainland China and the United Kingdom, aimed at providing an exceptional experience for travellers who seek individuality, style and personalised service.
The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.
Visit Swire Properties' website at www.swireproperties.com.
* Gross floor area in respect of 100% of the investment properties excluding car park areas and not on an attributable basis.
About Grosvenor
Grosvenor is a privately owned property group with offices in 17 of the world's most dynamic cities. It has five regional investment & development businesses in Britain & Ireland, the Americas, Continental Europe, Asia Pacific and Australia. Its international fund management business operates across these markets. As at 31 December 2009, these six businesses had total assets under management of £10.2bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at www.grosvenor.com
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