Champion REIT is a Hong Kong
real estate investment trust
A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...
that owns office and commercial properties, primarily in Asia.
Overview
Champion REIT was spun off from its sponsor
Great Eagle Holdings, and listed on 24 May 2006 on the
Hong Kong Stock Exchange
The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...
. Its principal asset at the time was its stake in
Citibank Plaza.
Eagle Asset Management (CP) Limited, a subsidiary of the
Great Eagle Holdings, is the REIT manager;
HSBC Institutional Trust Services (Asia) Limited is the trustee. Following its acquisition of
Langham Place, its portfolio has been increased in size to approximately . of office space and . of retail space in Hong Kong
Citibank Plaza
Champion REIT owns 95.7% stake in
Citibank Plaza, a modern glass and steel office complex that comprises
Citibank Tower, a 47-storey building, and
ICBC Tower, a 37-storey building, and includes a retail podium as well as a parking garage for 555 vehicles. The portion of Citibank Plaza controlled by Champion REIT has a total floor area of , comprising of office space and of retail space. Most of the stake was purchased by the REIT for HK$18.7 billion at the time of its initial public offering. An additional three floors within the complex were purchased by Champion REIT subsequently from Kerry Properties.
Langham Place
On 3 June 2008, Champion REIT acquired from
Great Eagle Holdings the non-hotel components of
Langham Place in
Mong Kok,
Hong Kong
Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
, for HK$12.5 billion. The acquisition included 702,900 square feet (65,300 m²) of office space within the 59-storey
Langham Place Office Tower and the entire
Langham Place Mall which has 589,800 square feet (54,792 m²) of retail space and 250 parking spaces in the basement of the project. The Langham Place project was completed in July 2004. . The consideration valued the retail portion at HK$12,519 per square foot and about HK$6,815 for the office portion, an 11.8% discount to the appraised value.
[Alfred Liu]
"Champion REIT buys Langham mall for $12.5b"
, The Standard, 15 February 2008
References
External links
* {{official website, http://www.championreit.com/
2006 establishments in Hong Kong
Companies listed on the Hong Kong Stock Exchange
Real estate investment trusts of Hong Kong