Friday, October 24, 2014   

Swire sells Festival Walk to Singapore's Mapletree
(07-29 17:22)

Swire Properties said it would sell its Festival Walk shopping complex to a unit of Singapore's state investment firm Temasek Holdings in a US$2.42 billion deal.

The property giant, a unit of conglomerate Swire Pacific, said Mapletree Investments had agreed to buy the sprawling shopping mall and office tower in Kowloon for HK$18.8 billion.

The sale, which Swire said was its biggest single property deal, is expected to close on August 18.

"Festival Walk has been a significant asset in our property portfolio, and has contributed strongly to Swire Properties' reputation as a leading blue chip property investor and developer,'' Swire Pacific's chairman Christopher Pratt said in a statement.

"An opportunity arose to realise the value of this investment."

Proceeds from the sale would partly be used to "continue (the firm's) major investment programmes,'' he added.

Mapletree said the deal was its first commercial property purchase in Hong Kong.

"This acquisition reinforces our strategy to scale up in key markets in Asia,'' the firm said in a statement.

In 2006, Swire bought the 50 percent stake it didn't already own in Festival Walk from conglomerate CITIC Pacific for HK$6.18 billion, in a deal that valued the complex at about HK$12.4 billion at the time.

AGENCE FRANCE-PRESSE   
Other Business breaking news:
China and 20 other countries sign up to regional bank (1 hr 21 mins ago)
Britain says EU is asking for bigger contribution (1 hr 32 mins ago)
British economy grows slower in Q3 (2 hrs 21 mins ago)
Firm in China's first bond default to be restructured (2 hrs 22 mins ago)
Hang Seng closes lower (2 hrs 59 mins ago)
Pearson reports sliding sales (2 hrs 59 mins ago)
European stocks fall at open (10-24 16:05)
BASF says won't meet 2015 targets (10-24 16:04)
ECB to unveil results of eurozone bank health check (10-24 16:04)
German consumer confidence stops falling: survey (10-24 15:59)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.