| For Immediate Release | 19 December 2013 |
19 December 2013, Hong Kong - Swire Properties Limited ("Swire Properties") today announced that it has entered into an agreement through Marvel Glory Limited ("Marvel Glory"), a joint venture company formed with other partners, to acquire a wholly-owned subsidiary of CITIC Pacific Limited which indirectly owns DCH Commercial Centre for HK$3.9 billion. The transaction is expected to complete on 15 January 2014.
Upon completion of the transaction, Marvel Glory, which is 50% owned by Swire Properties, will indirectly own DCH Commercial Centre, an office building with a gross floor area of approximately 389,000 sq ft located at 25 Westlands Road, Quarry Bay, Hong Kong.
"We are pleased to have reached this agreement," said Martin Cubbon, Chief Executive of Swire Properties. "The acquisition of DCH Commercial Centre enables us to further grow our office portfolio and is a valuable addition to our core investment portfolio in Island East."
Swire Properties Management Limited, a wholly-owned subsidiary of Swire Properties, will provide property management services for DCH Commercial Centre upon completion of the transaction.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use developments in prime locations at major mass transportation intersections. Listed on the Main Board of the Stock Exchange of Hong Kong, the Company's investment portfolio in Hong Kong comprises Island East and Pacific Place as its core holdings. In addition to Hong Kong, the Company has investments in Mainland China, the United States, Singapore and the United Kingdom. Visit Swire Properties' website at www.swireproperties.com.
| © Copyright 1996-2023 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |