30 September 2010
Mayer Brown JSM, a leading global law firm, advised Phoenix Property Investors in its acquisition of a 90% ownership of Central Mansion, a building situated at a prime location in the Causeway Bay area of Hong Kong.
The acquisitions involved some 250 units of residential and commercial property. The acquisition cost of the 90% ownership has already surpassed HK$2.6 billion (US$335 million) and total investment may rise to around HK$3.8 billion. The old building was completed in 1964 and has a site area of 15,421 sq. ft. and floor area of 156,500 sq. ft. It is situated next to the Excelsior Hotel in Causeway Bay.
Phoenix Property Investors intends to redevelop the building into a high class office building of 31 storeys. An application to the Lands Tribunal for a compulsory sale order will follow to unite all the ownerships.
"This is a very rare case of successful acquisitions in view of the very diverse ownerships and the prime location of the building," said Peter Ho, Partner at Mayer Brown JSM's Real Estate Finance & Acquisition Practice in Hong Kong.
The Mayer Brown JSM team was led by Peter Ho and Wilfred Tong.