29 Jul '11, 11am

Mapletree buys HK's Festival Walk property for S$2.9b: SINGAPORE: Mapletree Investments has acquired a major ret...

Mapletree buys HK's Festival Walk property for S$2.9b: SINGAPORE: Mapletree Investments has acquired a major ret...

SINGAPORE: Mapletree Investments has acquired a major retail and commercial complex in Hong Kong for HK$18.8 billion or about S$2.9 billion. Mapletree, a wholly-owned property arm of investment company Temasek Holdings, said it is buying Festival Walk - located in Kowloon Tong on the Kowloon peninsula - from Swire Properties. Festival Walk has a seven-storey shopping mall and a Grade-A office tower with a gross floor area of about 1.2 million square feet. It is the Mapletree's first commercial property purchase in Hong Kong, the company said in a statement. The property will be a seed asset, forming part of a commercial property portfolio the company plans to build, under its Hong Kong-focused fund over the next two or three years. Mapletree is buying the property together with other institutional investors as capital partners. Mapletree group chief executive officer Hiew ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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