Hong Kong-based real estate investment manager Phoenix Property Investors Ltd. shed its holding in the Enterprise Square III office building in Kowloon Bay, Hong Kong, for about US$171 million, PERE News reported.

The transaction, which covers the five connecting office floors in the building with three signages and 16 parking spaces, generated a gross posttax internal rate of return of 50%, according to the report.

The buyer is a Chinese developer, which plans to use the facility as its future corporate headquarters.

A comment from Phoenix Property was not immediately available, according to PERE.