Swire Properties acquires CITIC Pacific arm for $3.9b

The deal will be complete by Jan 2014.

According to a release, Swire Properties announced that it has entered into an agreement through Marvel Glory Limited, a joint venture company formed with other partners, to acquire a wholly-owned subsidiary of CITIC Pacific Limited which indirectly owns DCH Commercial Centre for HK$3.9 billion. 

The transaction is expected to complete on 15 January 2014.

Upon completion of the transaction, Marvel Glory, which is 50% owned by Swire Properties, will indirectly own DCH Commercial Centre, an office building with a gross floor area of approximately 389,000 sq ft located at 25 Westlands Road, Quarry Bay, Hong Kong.

“We are pleased to have reached this agreement,” said Martin Cubbon, Chief Executive of Swire Properties. “The acquisition of DCH Commercial Centre enables us to further grow our office portfolio and is a valuable addition to our core investment portfolio in Island East.”

Swire Properties Management Limited, a wholly-owned subsidiary of Swire Properties, will provide property management services for DCH Commercial Centre upon completion of the transaction.