Champion REIT

Last updated
Champion REIT
冠君產業信託
public (SEHK:  2778)
Industry Property
Founded2006-4-26
Headquarters Hong Kong
Key people
 Lo Ka-shui, Chairman
Lee Ching Ming, Adrian, CEO , Executive Director
Revenue HKD 1613.8 million (2008)
HKD 1334.2 million (2008)
HKD -2876.5 million (2008)
Number of employees
none
Website www.championreit.com

Champion REIT is a Hong Kong real estate investment trust that owns office and commercial properties, primarily in Asia.

A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate.

Contents

Overview

Champion REIT was spun off from its sponsor Great Eagle Holdings, and listed on 24 May 2006 on the Hong Kong Stock Exchange. 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 2,200,000 sq ft (200,000 m2). of office space and 650,000 sq ft (60,000 m2). of retail space in Hong Kong

Great Eagle Holdings

Great Eagle Holdings Limited is a Hong Kong real estate company listed on the Hong Kong Stock Exchange. Through its subsidiaries, it engages in property investment and owns and operates various hotels. Its head office is located at the Great Eagle Centre, Harbour Road, Wanchai, Hong Kong.

Hong Kong Stock Exchange stock exchange in Hong Kong

The Stock Exchange of Hong Kong Limited, abb. SEHK, is Asia's third-largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and Shanghai Stock Exchange, and the fourth single largest stock market in the world. As of 31 October 2016, SEHK had 1,955 listed companies, 989 of which are from mainland China, 856 from Hong Kong and 110 from other countries and region Hong Kong Exchanges and Clearing owns SEHK and is itself listed on SEHK. It is the fastest growing stock exchange in Asia.

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 1,559,278 square feet (144,862 m2), comprising 1,501,557 square feet (139,499 m2) of office space and 57,721 square feet (5,362 m2) 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. [1] An additional three floors within the complex were purchased by Champion REIT subsequently from Kerry Properties.

Citibank Tower Building in Kuala Lumpur

Citibank Tower, is a 50 storey Class A commercial tower located close to the Petronas Towers and houses the headquarters of Citibank Syariah. The building was developed by The Lion Group and completed in 1995, and was originally named Menara Lion or Lion Tower until Citibank acquired a 50% stake and moved into the building in 2000.

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, 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. [2]

Mong Kok Neighbourhood in Hong Kong

Mong Kok is an area in Kowloon, Hong Kong. The Prince Edward area occupies the northern part of Mong Kok.

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Langham Place is a commercial complex and shopping centre in Mong Kok, Kowloon, Hong Kong. The official opening was on 25 January 2005. The complex occupies two blocks defined by Argyle Street, Portland Street, Shantung Street and Reclamation Street. Shanghai Street separates the two portions of the complex, which are connected via two overhead walkways. A hotel is on one side of the development while the commercial elements are located on the other side.

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The Mall at Langham Square (朗豪坊) is an Asian-themed retail shopping mall in Markham, Ontario, Canada, located at the intersection of Kennedy Road and Castan Avenue, north of 407 ETR, and east of Downtown Markham. Its Chinese name "朗豪坊" echos Langham Place, a shopping and office complex located in Mong Kok, Hong Kong.

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Grand Central Plaza is a commercial development located near the town centre of Sha Tin, Hong Kong. It comprises two 16-storey office towers atop a multi-storey shopping podium called HomeSquare which specialises in home decor and furnishings. It is owned by Sun Hung Kai Properties, which also owns the nearby New Town Plaza, and was completed in 1995.

Langham Square (朗豪坊) is a 500,000 square feet Asian-themed shopping, office and residential complex in Markham, Ontario, Canada, located at the intersection of Kennedy Road and Castan Avenue, north of 407 ETR, east of Unionville Ave and Gardens Dr, and west of Downtown Markham. Its Chinese name "朗豪坊" echos Langham Place, a shopping and office complex located in Mong Kok, Hong Kong.

References

  1. ↑ "Champion REIT eyes $7.1b IPO to buy Citibank Plaza", The Standard, 3 May 2006
  2. ↑ Alfred Liu, "Champion REIT buys Langham mall for $12.5b" Archived 2012-08-19 at the Wayback Machine , The Standard, 15 February 2008
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