SINGAPORE (EDGEPROP) - Gaw Capital Partners, a real estate private equity firm, announced that a fund under its management and consortium partners have entered into a sale and purchase agreement with Swire Pacific and Swire Properties to purchase CityPlaza One for HK$9.85 billion ($1.71 billion).

Completed in 1997 and located in Taikoo Shing in Hong Kong’s Eastern District, the 21-storey Grade-A office tower has a gross floor area of about 630,000 sq ft. The acquisition sum amounts to an average price of HK$15,609 psf. The building is connected to Tai Koo MTR Station and Cityplaza shopping mall. Tenants of CityPlaza One include financial institutions, insurance companies, and MNCs.

Gaw Capital already owns and manages the neighbouring CityPlaza Three and CityPlaza Four, as well as 625 King’s Road. The firm has also acquired 29 local Hong Kong shopping malls from Link Reit through funds under management. Gaw Capital says it will reposition all of these assets into attractive community hubs.

“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 for the purchase of CityPlaza One.  We see it as a strong addition to our commercial portfolio in Hong Kong’s Island East District,” says Goodwin Gaw, chairman and managing principal of Gaw Capital Partners.

He adds that the district has benefitted from improvements over the years by Swire Properties as the major landlord in the area, and the firm will continue working with Swire Properties to build up the district as an alternative business district on Hong Kong island.