Arch Capital Management Co. Ltd. bought the 32-story office building at 69 Jervois St. in Hong Kong's Sheung Wan area from private entities believed to be controlled by Paul Cheung Kwok Wing, who serves as chairman of Kingboard Holdings Ltd., Mingtiandi reported.

Sources familiar with the acquisition told the news platform that the Hong Kong-based private equity firm purchased the 102,177-square-foot property under a HK$1.9 billion deal that was completed in April. The fully leased commercial building occupies a 6,189-square-foot site.

Savills PLC brokered the deal for the asset on behalf of the seller, the report said

The deal reflects an initial yield of approximately 3%, Mingtiandi said.