Transactions - JUNE 19, 2014

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Two Hong Kong office developments sell for $1.12b

by Andrea Waitrovich

In Hong Kong, two separate office development sites have been sold for a total of $1.12 billion in sales price.

The larger office property is the under-construction One Bay East tower in the Kowloon East district. Citigroup has acquired the asset for HK$5.43 billion, or HK$10,575 per square foot ($699.7 million, or $1,364 per square foot). The development has a total gross floor area of approximately 1.025 million square feet. The seller and developer is Wheelock Properties.

The acquisition sets a new record for an under-construction office tower in Hong Kong.

“Our decision to purchase the East Tower of One Bay East underlines our belief and confidence in Hong Kong’s continued growth as a leading global financial center,” said Stephen Bird, Citi’s chief executive for Asia Pacific,

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