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Manulife Partners with Gaw Capital to Acquire Cityplaza One in Hong Kong for HK$9.845 Billion

December 31, 2020

Hong Kong – Paul Hastings, a leading global law firm, announced today that it has represented Manulife group (“Manulife”) in its formation of a partnership with Gaw Capital Partners, pursuant to which Manulife will, subject to satisfaction of customary completion conditions, join the Gaw Capital-led consortium as the single largest investor to acquire Cityplaza One, a 21-storey grade-A office tower in Hong Kong, from Swire Pacific (0019.HK & 0087.HK) and Swire Properties (1972.HK), at HK$9.845 billion.

Manulife is a leading international financial services group which provides financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. With its global headquarters in Toronto, Canada, Manulife operate as Manulife across its offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. Manulife’s principal operations are in Asia, Canada and the United States where it has served customers for more than 155 years. Manulife trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

Completed in 1997 and located in the growing business center of Taikoo Shing in Hong Kong’s Eastern District, Cityplaza One has a gross floor area of around 630,000 square feet with direct walkways connecting the buildings to Tai Koo MTR station and Cityplaza shopping mall. With the Central-Wan Chai Bypass, it also provides quick and convenient access to the Central business district.

Paul Hastings has the leading Greater China real estate practice, and regularly advises international investors, developers and financial institutions on cross-border transactions, including fund formation, senior and mezzanine financings, joint ventures, and acquisition and disposition of various types of real estate.

The Paul Hastings team was led by Paul Guan, partner and head of Greater China Real Estate practice, with support from associate Eugenie Hui and China associate Cece Yang.

 

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.