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Champion REIT
From Wikipedia, the free encyclopedia
Champion REIT (冠君產業信託 SEHK: 2778) is a real estate investment trust formed to own and invest in an income-producing portfolio of prime grade 'A' office and commercial properties primarily in Hong Kong.
It was listed on May 24th 2006 on the Hong Kong Stock Exchange. Champion REIT's key objectives are to provide its investors with stable and sustainable distributions and to achieve long-term capital growth.
Currently, Champion REIT offers its investors direct exposure to a grade 'A' office property located in the Central District of Hong Kong, through its 95.7% stake in Citibank Plaza. Citibank Plaza is a modern glass and steel office complex that comprises Citibank Tower, a 47-storey building, and ICBC Tower, a 37-storey building, and includes a retail podium as well as a parking garage for 555 vehicles. It is located at 3 Garden Road, which is part of the hub of banking and financial activities in the Central District of Hong Kong. After the acquisition of additional three floors of Citibank Tower, the portion of Citibank Plaza controlled by Champion REIT has a total floor area of 1,559,278 square feet, comprising 1,501,557 square feet of office space and 57,721 square feet of retail space.
Based on the Initial Public Offering price of $5.10, Citibank Plaza was valued at HK$12,930 per square foot and the market capitalization of Champion REIT was HK$14.25 billion.