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Swire Properties to sell two Hong Kong office towers for HK$15B

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Swire Properties to sell two Hong Kong office towers for HK$15B

Swire Properties Ltd. is said to be in talks to finalize the sale of its CityPlaza Three and CityPlaza Four office buildings in Tai Koo, Hong Kong, for about HK$15.00 billion.

The potential buyer is a China-backed consortium consisting of real estate companies and funds, which has made previous property investments in London, the Hong Kong Economic Times reported.

The two properties offer a total gross floor area of about 790,000 square feet, translating to an average selling price of about HK$19,000 per square foot.

The June 12 report added that the potential buyer favored the high-quality and full occupancy of the two buildings, as well as the sea view they offer. CityPlaza Three and CityPlaza Four's tenants include American Express Co., adidas and WeWork Cos..

The consortium plans to resell some floors of the two buildings soon after completing the purchase, according to the publication.