Great Eagle sells tower for US$151m

Business | Gary Poon 12 Dec 2018

Great Eagle (0041) has sold an office tower in Seattle for US$151 million (HK$1.18 billion) to a United States real estate fund.

The 15-story office property with 335,005 square feet of rentable area is located within Seattle's Central Business District and the building is currently 92 percent occupied.

The property earned rental incomes of US$8.95 million in 2016 and US$9.66 million in 2017, with net profits of US$8.52 million in 2016 and US$20.25 million in 2017.

The group said it is expected that the US Real Estate Fund will distribute the net balance of such net proceeds, after taking into account the future working capital requirement of the US Real Estate Fund, to the company as working capital.

The sale closure will take place on December 31, 2018.

An initial deposit of US$3.75 million is being held in escrow pending closing and the balance will be received upon closing the sale.

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