trending Market Intelligence /marketintelligence/en/news-insights/trending/FSaxBlfeoMKmX5ustXzdlg2 content esgSubNav
In This List

Phoenix Property Investors sheds stake in Hong Kong office asset for US$171M

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition


Phoenix Property Investors sheds stake in Hong Kong office asset for US$171M

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.