News

Commercial Property

Staff Reporter

, Singapore

Published:

8 months ago

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Photo by fauxels via Pexels

Mandarin Oriental sells HK office floors to Alibaba, Ant

The two companies paid $1.1b (US$925m) for the 301,555-square-feet space.

Mandarin Oriental International Limited announced that Alibaba Group and Ant Group have acquired the top thirteen floors of One Causeway Bay as their headquarters in Hong Kong.

The two companies paid $1.1b (US$925m) for the 301,555-square-feet space, along with a parking space for 50 vehicles and signage rights to the tower.

The proceeds will be used to repay Mandarin’s borrowings of $124m (US$96m) drawn for the construction of the property, and will retain up to 3% to fund the remaining construction costs.

The group will also provide the purchasers with a fixed sum of $48m (US$37m) towards planned enhancements.

Further, the remaining proceeds of $981m (US$758m) will be distributed to shareholders via a special dividend.

($1=US$0.77)

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