Mayer Brown, a leading global law firm, is pleased to announce that it advised LaSalle Investment Management on the sale of a residential site in Tai Hang, Hong Kong.
LaSalle Investment Management, through a Hong Kong company, sold a bare site at Nos. 3, 5, 5A, 7, 7A, 9 and 11 Warren Street, Hong Kong and Nos. 1, 3, 5, 7, 9 and 11 Jones Street, Hong Kong at a consideration of HK$713 million (US$91.9 million) . The 6,679-square-foot site provides a total gross floor area of approximately 67,398 square feet.
The sale and purchase agreement was signed on 6 October 2010 and completion of the transaction is due on 8 November 2010. The purchaser is a subsidiary of Wing Tai Properties Development Limited.
Additionally, Mayer Brown acted for LaSalle Investment Management in its original purchase of the site which consisted of 67 property interests in nine old buildings (now demolished) at a total consideration of HK$423 million in February 2009.
The Mayer Brown team was led by partner Ellen Tsao.