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Swire Properties Ltd. has agreed to sell its Festival Walk property to a wholly-owned subsidiary of Mapletree Investments Pte Ltd ("Mapletree") for a cash consideration of HK$18.8 billion, subject to adjustment by reference to net current assets less current liabilities at completion. Mapletree has paid a deposit of HK$1.88 billion. Completion is expected to take place on 18th August 2011.
Swire Properties Ltd. is a wholly-owned subsidiary of Swire Pacific Ltd. (HKEX: 00019/00087). Mapletree is a Singapore-based real estate development, investment and capital management company. Festival Walk is a shopping complex and office tower, in Kowloon Tong, Hong Kong. Mapletree will take full ownership and operational control of the property.
Christopher Pratt, Chairman of Swire Pacific, said, "Festival Walk has been a significant asset in our property portfolio, and has contributed strongly to Swire Properties' reputation as a leading blue chip property investor and developer. An opportunity arose to realise the value of this investment. Sales proceeds will be applied towards the general working capital requirements of Swire Pacific and will put it in a strong position to continue its major investment programmes."
"Swire Pacific remains committed to its long-term investment strategy and will continue to explore future investment opportunities in Hong Kong, Mainland China and elsewhere," Mr. Pratt added.
About Swire Pacific Limited
Swire Pacific Limited is one of Hong Kong's leading listed companies, with diversified interests in five operating divisions: Property, Aviation, Beverages, Marine Services and Trading & Industrial. The Company's operations are predominantly based in the Greater China region, where the name Swire has been established for over 140 years. Swire Pacific focuses on long-term sustainable growth underpinned by a strong financial base. Its attributable profit in 2010 was HK$38,252 million and it employs over 100,000 staff worldwide. For more information, visit www.swirepacific.com.