| FOR IMMEDIATE RELEASE | 20th December 2004 |
Swire Properties announced today (Monday, 20 December 2004) that it has agreed to acquire a 20% shareholding in Richly Leader Limited, which on 19 November 2004 signed a Provisional Agreement to purchase PCCW Tower in TaiKoo Place, Quarry Bay from a subsidiary of Pacific Century Premium Developments Limited. The ultimate beneficial owner of Richly Leader Limited is a closed-end property fund for institutional investors, which principally invests in real estate in various countries in Asia, managed by Pramerica Real Estate Investors (Asia) Pte. Ltd.
Swire Properties has decided not to exercise its pre-emption rights in relation to the proposed sale.
Mr Keith Kerr, Managing Director of Swire Properties, commented: "This transaction allows us to maintain an important strategic stake in a building that is at the heart of Swire Properties' Island East office portfolio, in partnership with a prominent investment group."
PCCW Tower provides Grade A office accommodation with a gross floor area of approximately 620,000 sq ft in 43 storeys.
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