A joint venture including Galaxy Entertainment Group (GEG) Executive Director ad Deputy Chairman, Francis Lui Yiu-tung, has agreed to purchase a property in the centre of London valued at some £255 million (MOP2.8 billion/US$355 million).
Aside from a company held by Lui, the joint venture company involved in the deal – named Athene Investment (BVI) Limited – includes as shareholders a subsidiary of real estate group Wing Tai Properties, a company held by Hong Kong billionaire businessman Tung Chee-chen, brother of former Hong Kong Chief Executive Tung Chee-hwa.
The joint venture has agreed to purchase 100 per cent of HPREF Athene Investment S.à r.l., the legal and beneficial owner of the property.
The property is an 11-storey building situated at 66 Shoe Lane, London formerly known as Athene Place, with approximately 153,462 square feet of office and ancillary space and approximately 4,196 square feet of retail space.
According to the announcement, the property has undergone refurbishment works which were recently completed in the fourth quarter of 2020.
The entire office space has been leased to a global Big Four accounting and professional services firm, for five occupational leases with tenors of 15 years expiring on 28 September 2035, with an option to renew for two further terms up to 13 October 2036 and 13 October 2041, respectively.
The joint ventures parties agreed to contribute £258 million to the financial vehicle, covering the consideration for the acquisition, the anticipated operating expenses of the property, the estimated transaction costs relating to the acquisition and external financing costs.