Gaw Capital Partners has led a consortium, including Schroder Pamfleet, to purchase the CityPlaza One office tower in Hong Kong for HK$8.85bn (€1.1bn).

Gaw Capital said the consortium had entered into the sale and purchase agreement with Swire Pacific and Swire Properties for the 21-storey building which forms part of the Taikoo Shing development in Hong Kong’s Quarry Bay.

Cityplaza, completed in 1997 has 630,000sqft of floorspace and houses some of the biggest Hong Kong and multinational companies in the financial services sector.

Gaw Capital is making the investment on behalf of an unnamed fund it manages.

Goodwin Gaw, chairman and managing principal of Gaw Capital Partners, said following the purchase of portions of CityPlaza Three and CityPlaza Four in 2018 and 625 King’s Road in 2019, “we are delighted to have signed the sales and purchase agreement today for the purchase of CityPlaza One”.

“We see it as a strong addition to our commercial portfolio in Hong Kong’s Island East District, which has benefitted from many years of vibrant improvements made by Swire Properties as the major landlord.”

Allan Lee, head of Asia (ex-China) real estate of Schroder Pamfleet, said investing in an asset such as CityPaza One represented an opportunity to participate in the long-term favourable economic outlook for Hong Kong.

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