Hong Kong-based real estate private equity firm Gaw Capital Partners said on Monday that, through a fund under its management, and consortium partners, including Schroder Pamfleet have agreed to acquire CityPlaza One, the 21-storey Grade-A office tower in Hong Kong, from Swire Pacific and Swire Properties for HK$9.85 billion (US$1.27 billion).
Completed in 1997 and located in the growing business center of Taikoo Shing in Hong Kong’s Eastern District, the 21-storey Grade-A office tower has a GFA of around 630,000 sq. ft. with direct walkways connecting the buildings to Tai Koo MTR station and CityPlaza shopping mall.
The tenants of higher floors are able to enjoy the sea view of Victoria Harbour. With the Central-Wan Chai Bypass, the tower also has quick and convenient access to the Central business district. The office tower in Hong Kong accommodates quality tenants including financial institutions, insurance companies and multinational corporations.
Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “At Gaw Capital, we continue to be confident about Hong Kong’s future, and we would like to thank our investors and partners for their support. Following the purchase of portions of CityPlaza Three and CityPlaza Four in 2018 and 625 King’s Road in 2019, we are delighted to have signed the sales & purchase agreement today for the purchase of CityPlaza One. We see it as a strong addition to our commercial portfolio in Hong Kong’s Island East District. The district has benefited from the many years of vibrant improvements made by Swire Properties as the major landlord. With the new addition of CityPlaza One to our Island East portfolio, we look forward to working together with our long-time partner Swire Properties to contribute to the continued evolution of the district as the alternative CBD of Hong Kong Island.”
Allan Lee, Head of Asia (ex-China), Real Estate of Schroder Pamfleet, said “CityPlaza One is a well-located, well-managed property that represents an opportunity to participate in the long-term favourable economic outlook for Hong Kong. We are pleased to work with our old partners at Gaw Capital in this investment.”
Gaw Capital already owns and manages CP3 & CP4 (previously CityPlaza 3 and CityPlaza 4) and 625 King’s Road in Hong Kong’s Island East District.
In recent years, the firm also purchased 29 local Hong Kong shopping malls from Link REIT through funds under management, which it intends to reposition and revitalize into attractive community hubs. In China, the firm successfully transformed and repositioned properties such as Ciro’s Plaza, four premium grade A office buildings in Shanghai MixC, and Sky Bridge HQ in Shanghai, and Pacific Century Place in Beijing.