![Wheelock Properties Limited and Manulife (International) Limited have signed a sale-and-purchase agreement for the West Tower at One Bay East in Kowloon East for HK$4.5 billion (C$588 million). The 21-storey building, which is currently being developed by Wheelock Properties, totals approximately 512,000 square feet. The building will be named Manulife Tower and will serve as the headquarters for Manulife's Hong Kong operations. Manulife plans to take occupancy in Manulife Tower in 2016. (CNW Group/Manulife Financial Corporation) Photo_Asset_1](http://photos.newswire.ca/images/20130410_C4155_PHOTO_EN_25399.jpg)
HONG KONG, April 10, 2013 /CNW/ - Wheelock Properties Limited (WPL) and
Manulife (International) Limited have signed a sale-and-purchase
agreement for the West Tower at One Bay East at 83 Hoi Bun Road,
Kowloon East for HK$4.5 billion (C$588 million), marking the largest
single office tower purchase in Kowloon. The 21-storey building, which
is currently being developed by Wheelock Properties, totals
approximately 512,000 square feet.
Wheelock began construction of One Bay East, a 1,025,000-square-foot
development which comprises the West Tower and a twin East Tower, in
February 2012. The project is expected to be complete by the end of
2015.
One Bay East-West Tower will be named Manulife Tower and will serve as
the headquarters for Manulife's Hong Kong operations. Manulife plans
to take occupancy in Manulife Tower in 2016.
Stewart C. K. Leung, Chairman of WPL, said: "One Bay East is ideally
located in the heart of Hong Kong's second Central Business District
(CBD2) and is going to play a crucial role in enhancing Hong Kong's
status as an international financial and business centre. We envisage
that many multi-national and local companies will be attracted to this
area and we are glad that our vision is shared by such a renowned
company as Manulife, which has decided to make a vast investment in
this area and in our development. This is a win-win scenario for both
the vendor and the purchaser."
Robert A. Cook, President and Chief Executive Officer of Manulife
Financial Asia Limited, said: "Manulife has enjoyed more than 115 years
of remarkable business success in Asia and Hong Kong. Hong Kong, where
our regional hub is based, is a critical market for our growth plans.
This property acquisition demonstrates our continued commitment to Hong
Kong and the important role that it plays in our Asia strategy."
Michael Huddart, Manulife' s Executive Vice President and Chief
Executive Officer for Hong Kong, remarked: "The decision to acquire a
new office tower in Hong Kong is both a milestone for the company and a
significant investment, demonstrating our commitment to expand our
franchise here and to the future of Hong Kong. It is a strategic
business decision for us to purchase an office building that will
accommodate our business operations in Hong Kong, and help meet our
long-term agency and staff expansion needs, as well as our future
growth here."
Over the past few years, especially following the government's
announcement to develop Kowloon East into the CBD2, more and more
multinational companies are eyeing this district for their operations.
Manulife was a pioneer moving its Hong Kong operations to Kwun Tong
back in 2010.
Ricky K. Y. Wong, Managing Director, WPL, commented: "We are very
pleased to conclude the sale-and-purchase agreement for the One Bay
East-West Tower with Manulife. We intend to keep the One Bay East-East
Tower for both enbloc and strata-title sale primarily on a whole-floor
basis, to multi-national and local companies when the development is
closer to its completion."
Wheelock Properties has an impressive "Kowloon East Waterfront
Portfolio" which includes One Bay East (83 Hoi Bun Road), Wharf T & T
Square (123 Hoi Bun Road) and the future residential redevelopment of
Kowloon Godown (1-3 Kai Hing Road), spanning a 500-metre coastline
along a quintessential waterfront in the vibrant and promising CBD2.
Kevin Adolphe, Global Head of Private Asset Management, Manulife
Financial and President and CEO of Manulife Real Estate, said: "We are
delighted to have secured such a significant office property in Kowloon
East, which has immense growth potential as a key business district in
the territory. Wheelock is an established real estate developer with a
long history of building quality properties and we are pleased to
partner with them on this new office tower which will be an exceptional
complement to our global real estate portfolio."
Manulife Tower is the newest addition to Manulife's global real estate
investment portfolio which includes more than 36 million square feet in
key markets across Canada, the United States and Asia. Currently,
Manulife owns 16 other office properties in Asia, totaling
approximately 900,000 square feet.
In addition to Manulife Tower, Manulife will continue to maintain
substantial leased premises in several other locations in Hong Kong
including Manulife Financial Centre in Kwun Tong which also prominently
carries the Manulife brand.
The Hong Kong office of CBRE Group Inc., the world's largest commercial
real estate services and investment firm acted as advisor on the
transaction.
About Wheelock Properties Limited
Wheelock Properties is a wholly-owned subsidiary of Wheelock and Company
Limited (HKSE:0020). Its core business includes the undertaking of
property development, sales and marketing, and asset management
functions of the Group's property development in Hong Kong. The company
has a current landbank in Hong Kong in excess of 7 million square feet.
Founded in 1857, Wheelock and Company Limited is a listed investment
holding company headquartered in Hong Kong. Wharf Holdings (HKSE:0004),
the Group's principal investment, is strategically focused on property
and infrastructure in Hong Kong and China.
For further details, please visit www.wheelockpropertieshk.com and www.wheelockcompany.com
About Manulife (International) Limited
Manulife (International) Limited is a member of the Manulife Financial
group of companies.
Manulife Financial is a leading Canada-based financial services group
with principal operations in Asia, Canada and the United States.
Clients look to Manulife for strong, reliable, trustworthy and
forward-thinking solutions for their most significant financial
decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We also provide asset
management services to institutional customers. Funds under management
by Manulife Financial and its subsidiaries were C$532 billion (HK$4,144
billion) as at December 31, 2012. The Company operates as Manulife
Financial in Canada and Asia and primarily as John Hancock in the
United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
About Manulife Real Estate
Manulife Real Estate™ is the global real estate arm of Manulife
Financial Corporation with fully integrated in-house capabilities and
70 years of experience as an active investor, owner, developer and
asset manager of commercial real estate. Diversified by both geography
and asset type, the portfolio consists primarily of prime office and
industrial properties, as well as select retail and multi-family
residential properties, in key metropolitan centers throughout Canada,
Asia and in the United States, through Manulife's U.S. division, John
Hancock. In addition to equity real estate, Manulife Real Estate
manages the space requirements and own use facilities for Manulife's
operations around the world. In 2011, Manulife Real Estate launched a
new real estate fund platform, extending the benefit of its long
established real estate asset management expertise to institutional
investors. As at December 31, 2012, the Manulife Real Estate portfolio
totaled more than 36 million square feet with a market value of C$9.1
billion. Additional information about Manulife Real Estate can be found
at manuliferealestate.com.
![From left to right at the sale and purchase agreement signing ceremony for Manulife Tower at One Bay East: Kevin Adolphe, Global Head of Private Asset Management, Manulife Financial and President and CEO of Manulife Real Estate; Michael Huddart, Manulife's Executive Vice President and Chief Executive Officer for Hong Kong; Robert A. Cook, President and Chief Executive Officer of Manulife Financial Asia Limited; Stewart C. K. Leung, Chairman of Wheelock Properties Limited; Douglas Woo, Managing Director of Wheelock Properties Limited; and Ricky K. Y. Wong, Managing Director of Wheelock Properties Limited. (CNW Group/Manulife Financial Corporation) Photo_Asset_2](http://photos.newswire.ca/images/20130410_C4155_PHOTO_EN_25400.jpg)
![From left to right at the sale and purchase agreement signing ceremony for Manulife Tower at One Bay East: Kevin Adolphe, Global Head of Private Asset Management, Manulife Financial and President and CEO of Manulife Real Estate; Michael Huddart, Manulife's Executive Vice President and Chief Executive Officer for Hong Kong; Robert A. Cook, President and Chief Executive Officer of Manulife Financial Asia Limited; Stewart C. K. Leung, Chairman of Wheelock Properties Limited; Douglas Woo, Managing Director of Wheelock Properties Limited; and Ricky K. Y. Wong, Managing Director of Wheelock Properties Limited. (CNW Group/Manulife Financial Corporation) Photo_Asset_3](http://photos.newswire.ca/images/20130410_C4155_PHOTO_EN_25401.jpg)
Image with caption: "Wheelock Properties Limited and Manulife (International) Limited have signed a sale-and-purchase agreement for the West Tower at One Bay East in Kowloon East for HK$4.5 billion (C$588 million). The 21-storey building, which is currently being developed by Wheelock Properties, totals approximately 512,000 square feet. The building will be named Manulife Tower and will serve as the headquarters for Manulife's Hong Kong operations. Manulife plans to take occupancy in Manulife Tower in 2016. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20130410_C4155_PHOTO_EN_25399.jpg
Image with caption: "From left to right at the sale and purchase agreement signing ceremony for Manulife Tower at One Bay East: Kevin Adolphe, Global Head of Private Asset Management, Manulife Financial and President and CEO of Manulife Real Estate; Michael Huddart, Manulife's Executive Vice President and Chief Executive Officer for Hong Kong; Robert A. Cook, President and Chief Executive Officer of Manulife Financial Asia Limited; Stewart C. K. Leung, Chairman of Wheelock Properties Limited; Douglas Woo, Managing Director of Wheelock Properties Limited; and Ricky K. Y. Wong, Managing Director of Wheelock Properties Limited. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20130410_C4155_PHOTO_EN_25400.jpg
Image with caption: "From left to right at the sale and purchase agreement signing ceremony for Manulife Tower at One Bay East: Kevin Adolphe, Global Head of Private Asset Management, Manulife Financial and President and CEO of Manulife Real Estate; Michael Huddart, Manulife's Executive Vice President and Chief Executive Officer for Hong Kong; Robert A. Cook, President and Chief Executive Officer of Manulife Financial Asia Limited; Stewart C. K. Leung, Chairman of Wheelock Properties Limited; Douglas Woo, Managing Director of Wheelock Properties Limited; and Ricky K. Y. Wong, Managing Director of Wheelock Properties Limited. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20130410_C4155_PHOTO_EN_25401.jpg
PDF available at: http://stream1.newswire.ca/media/2013/04/10/20130410_C4155_DOC_EN_25402.pdf
SOURCE: Manulife Financial Corporation
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