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MEDIA CENTRE
(Hong Kong, October 10, 2014) Emperor International Holdings Limited (“Emperor International” or “the Company”) (Stock code: 163) today announced that it had acquired Empire Land Commercial Centre, located at 81-85 Lockhart Road, Wanchai (“the Property”), at a consideration of HK$818,888,000.
The Property is 25-storey commercial building with a total gross floor area of approximately 53,426 square feet. Such acquisition is expected to be completed on or before 18th December 2014.
Emperor International and its holding company Emperor Group are both headquartered at Emperor Group Centre, 288 Hennessy Road, Wanchai, which has been held by the Company for over 20 years. It further acquired Wing Hang Finance Centre, 60 Gloucester Road, another office building in Wanchai, last year. All these demonstrate the Company’s optimism about the prospect of Wanchai and its plan to increase the proportion of Wanchai properties in its investment portfolio.
Donald Cheung, Executive Director of Emperor International, said, “Wanchai redevelopment is in full swing now. With the various infrastructure projects completed or in progress currently, we can expect to see a new Wanchai very soon. The Shatin to Central Link will also play a major part in the future huge potential in the district. The Property is located on Lockhart Road, a hub of catering and entertainment with a lot of restaurants of international cuisine, which is different from traditional commercial area. It will enhance the diversity of our property portfolio. I am now looking forward to a synergy effect of our Wanchai properties together with those in Causeway Bay, especially Russell Street, which will reinforce our strategic strongholds on Hong Kong Island. I expect that the annual rental income of the Property with full occupancy rate will reach approximately HK$23,000,000 with a 2.8% rate of return and its subsequent rental increment with huge potential.”
