Champion REIT
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Predecessor | Great Eagle Holdings (spin-off) |
| Founded | May 24, 2006 |
| Headquarters | Hong Kong , Hong Kong |
Area served | Asia |
| Products | Office and commercial properties |
| Parent | Great Eagle Holdings (sponsor) |
Champion REIT is a real estate investment trust based in Hong Kong, primarily holding office and commercial properties across Asia.
Overview
Originating as a spin-off from its sponsor, Great Eagle Holdings, Champion REIT debuted on the Hong Kong Stock Exchange on 24 May 2006. At the time of its public offering, its main asset was its interest in Citibank Plaza. The trust is overseen by Eagle Asset Management (CP) Limited, a subsidiary of Great Eagle, while HSBC Institutional Trust Services (Asia) Limited acts as trustee. Following the acquisition of Langham Place, Champion REIT's holdings expanded to approximately of office area and of retail space within Hong Kong.
Citibank Plaza
Champion REIT owns a 95.7% share in Citibank Plaza, a contemporary development that includes the 47-storey Citibank Tower and the 37-storey ICBC Tower, along with a retail podium and parking facilities accommodating 555 vehicles. The REIT’s portion encompasses , comprising of office space and of retail area. This interest was initially purchased for HK$18.7 billion during the IPO, with additional floors later acquired from Kerry Properties.
Langham Place
On 3 June 2008, Champion REIT bought the non-hotel components of Langham Place, Hong Kong in Mong Kok from Great Eagle Holdings for HK$12.5 billion. The transaction included 702,900 sq ft (65,300 m²) of office space within the 59-storey Langham Place Office Tower, the entire Langham Place Mall totaling 589,800 sq ft (54,792 m²) of retail space, and 250 basement parking spots. Completed in July 2004, this purchase priced retail space at HK$12,519 per sq ft and office space at HK$6,815 per sq ft—reflecting an 11.8% discount compared to the appraised valuation.