Champion REIT
Encyclopedia
Champion REIT is a real estate investment trust
formed to own and invest in an income-producing portfolio of prime grade 'A' office and commercial properties primarily in Asia.
, 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 2200000 sq ft (204,386.7 m²). of office space and 650000 sq ft (60,387 m²). of retail space in Hong Kong
, 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 1559278 square feet (144,862 m²), comprising 1501557 square feet (139,499 m²) of office space and 57721 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. An additional three floors within the complex were purchased by Champion REIT subsequently from Kerry Properties.
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, a 11.8% discount to the appraised value.
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
formed to own and invest in an income-producing portfolio of prime grade 'A' office and commercial properties primarily in Asia.
Overview
Champion REIT was spun off from its sponsor Great Eagle HoldingsGreat Eagle Holdings
Great Eagle Holdings Limited is Chinese real estate company listed on the Hong Kong Stock Exchange.Through its subsidiaries, conducts three operations: Property investment, involving income from leasing of properties and furnished apartments and properties held for investment potential; Hotel...
, and listed on 24 May 2006 on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
. Its principal asset at the time was its stake in Citibank Plaza
Citibank Plaza
Citibank Plaza is a modern glass and steel office complex in Hong Kong that comprises Citibank Tower, ICBC Tower, a 3 level basement garage capable of accommodating 558 vehicles, as well as a retail podium. With a gross floor area of almost ., Citibank Plaza is one of the biggest office complexes...
. Eagle Asset Management (CP) Limited, a subsidiary of the Great Eagle Holdings
Great Eagle Holdings
Great Eagle Holdings Limited is Chinese real estate company listed on the Hong Kong Stock Exchange.Through its subsidiaries, conducts three operations: Property investment, involving income from leasing of properties and furnished apartments and properties held for investment potential; Hotel...
, 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 2200000 sq ft (204,386.7 m²). of office space and 650000 sq ft (60,387 m²). of retail space in Hong Kong
Citibank Plaza
Champion REIT owns 95.7% stake in Citibank PlazaCitibank Plaza
Citibank Plaza is a modern glass and steel office complex in Hong Kong that comprises Citibank Tower, ICBC Tower, a 3 level basement garage capable of accommodating 558 vehicles, as well as a retail podium. With a gross floor area of almost ., Citibank Plaza is one of the biggest office complexes...
, 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 1559278 square feet (144,862 m²), comprising 1501557 square feet (139,499 m²) of office space and 57721 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. 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 HoldingsGreat Eagle Holdings
Great Eagle Holdings Limited is Chinese real estate company listed on the Hong Kong Stock Exchange.Through its subsidiaries, conducts three operations: Property investment, involving income from leasing of properties and furnished apartments and properties held for investment potential; Hotel...
the non-hotel components of Langham Place in Mong Kok
Mong Kok
Mong Kok , less often known as Argyle , is an area in the Yau Tsim Mong District on Kowloon Peninsula, Hong Kong...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, 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, a 11.8% discount to the appraised value.