>

Consortium of Wing Tai Properties, brother of former Hong Kong chief executive Tung Chee-hwa and Macau casino operator Francis Lui buys office building in London for US$356 million

By Sandy Li

/ SCMP |

March 2, 2021 12:44 PM SGT

SINGAPORE (EDGEPROP) - A consortium formed by Wing Tai Properties, the brother of former Hong Kong Chief Executive Tung Chee-hwa and Macau casino operator Francis Lui Yiu-tung has agreed to buy an office building in London for an estimated £255 million ($477.9 million).

All the office space in the 11-storey building at 66 Shoe Lane, formerly known as Athene Place, is leased to Deloitte or its affiliates with tenures that do not expire until September 2035, according to Wing Tai Properties' filing with Hong Kong stock exchange on Sunday.

Investors in the consortium include Top Paramount, of which the ultimate beneficial owner is Tung Chee-chen, brother of Tung Chee-hwa, who holds 31 per cent.

Read more: Consortium wins development rights to MTR's Wong Chuk Hang residential project at a lower premium than earlier phase

Another, Sparkle Delight is held by the deputy chairman of Galaxy Entertainment, Francis Lui, and Wing Tai, with each owning 21 per cent, and Champion Reit has a 27 per cent stake.

"The directors believe that the formation of the joint venture company to acquire the property provides an opportunity for the group to expand and diversify its property investment portfolio and generate a steady flow of rental income to the group," said the company statement.

It said the terms of the binding agreement are "fair and reasonable, and the entry into the joint venture is in the interests of the company and its shareholders as a whole."

The office building, located on the western edge of the City of London, has about 153,462 square feet of office space and 4,196 square feet of retail space.

It is close to several underground and overground rail hubs, and has recently undergone refurbishment work.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.

Tags: