Swire Properties (1972), together with Swire Pacific (0019), sold Cityplaza One property for more than HK$7.27 billion in cash and 2,200 consideration shares, representing 22 percent of the buyer's shares, the companies said.
Meanwhile, Gaw Capital annoused that its management fund and consortium partners, including Schroder Pamfleet and BOC Life, have acquired the property.
Manulife (0945) had reached an agreement with Gaw Capital to join the consortium as the largest single investor later.
Swire Properties announced in November that it will Cityplaza One, a 21-story office building at Taikoo Shing in Quarry Bay, to real estate private equity firm Gaw Capital Partners for HK$9.84 billion, representing HK$15,609 per sq ft.
The property was valued at about HK$7.93 billion as of June 30 by an independent valuer, Swire Properties said.
The developer was expected to record a gain on disposal of about HK$5.47 billion on an underlying basis. The proceeds from the disposal will go towards Swire Properties' general working capital needs.
Cityplaza One has a gross floor area of about 629,000 square feet.
