Prosperity REIT sells Harbourfront Landmark Property for HKD885 million
Baker McKenzie is advising Prosperity Real Estate Investment Trust ("Prosperity REIT") on its sale of the Harbourfront Landmark property for a total consideration of HKD885 million.
Completed in 2001, the Harbourfront Landmark property is a three-storey commercial area on the podium level of Harbourfront Landmark, occupying the 3rd, 5th and 6th floors of a 70-storey skyscraper on the harbour front of the Kowloon peninsula in Hung Hom and has a total gross rentable area of 77,021 square feet. The Harbourfront Landmark property was part of Prosperity REIT’s initial portfolio when it was listed on the Hong Kong Stock Exchange in 2005.
The mutli-discplinary Baker McKenzie team was led by Jeremy Ong, special counsel, advising on corporate and regulatory issues, and Debbie Cheung, partner, advising on real estate issues. They were assisted by associates Chris Tsao, Julia Chia and Billy Lam.
Baker & McKenzie's Asia-Pacific REIT Group has been at the forefront of ground-breaking REIT transactions in Asia. The team has been involved in almost all of the significant transactions to date involving REITs which are listed or have assets in Hong Kong. The Group's work includes advising REITs across the full spectrum of their legal requirements including IPOs, dual listings, follow-on acquisitions and disposals, financings, medium-term note programmes and convertible bond issuances. Clients of the Group include Link REIT, Champion REIT, Yuexiu REIT, Prosperity REIT, Fortune REIT, Hui Xian REIT, New Century REIT, Regal REIT and Spring REIT.
The team has also advised on numerous other significant REIT-related deals in the Asia-Pacific – including National Storage REIT’s equity raising; Charter Hall Retail REIT’s placement in ASX; Keppel REIT’s establishment of Australian investment structure; Parkway Life REIT’s acquisition of 2 properties in Japan; CDL Hospital Trusts / M&C REIT Management acquisition of 2 hotels in Japan; Starhill Global REIT on the acquisition of the landmark David Jones retail center in Perth; Impact Growth REIT, the first REIT to be established in Thailand; Prospect REIT Investment Corporation's merger with Japan Rental Housing Investments Inc.; Tower REIT’s IPO; Fubon No. 1 REIT’s and Fubon No. 2 REIT’s IPOs; MacarthurCook Industrial REIT’s IPO; Tokyo Growth J-REIT’s IPO; ARA Asset Management’s IPO; YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT).