Swire Properties Achieves Favorable Price With Opportunistic Disposal of Cityplaza Three and Four
Swire Properties has announced that it has disposed of two office towers, Cityplaza Three and Cityplaza Four, for HKD 15 billion. Based on the property valuation of HKD 9.3 billion at the end of 2017, the purchase price represents a premium of more than 60%. Given the favourable disposal price, we have revised our fair value estimate to HKD 30 from HKD 28. We also reduce earnings by 3% for 2019 and beyond, reflecting the loss of nearly 770,000 square feet of office gross floor area, or 6% of the...
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