Champion REIT

Champion REIT is a Hong Kong real estate investment trust established through a spin-off from Great Eagle Holdings. It was listed on the Hong Kong Stock Exchange on 24 May 2006, with Citibank Plaza serving as its principal initial asset. The trust is managed by Eagle Asset Management (CP) Limited, a Great Eagle Holdings subsidiary, while HSBC Institutional Trust Services (Asia) Limited acts as trustee. The trust's property strategy is centered on income-producing commercial real estate in Hong Kong, especially centrally located office and retail developments. Its initial portfolio was built around Champion REIT's interest in Citibank Plaza, a large office complex in the Admiralty area comprising Citibank Tower and ICBC Tower, together with retail facilities and a vehicle parking garage. Champion REIT holds a 95.7% interest in the complex. The portion under its control totals approximately 1.56 million square feet of floor area, including about 1.50 million square feet of office space and approximately 57,700 square feet of retail space. The complex includes a 47-storey tower, a 37-storey tower, a retail podium and parking capacity for 555 vehicles. A major expansion occurred in June 2008, when Champion REIT acquired the non-hotel components of Langham Place in Mong Kok from Great Eagle Holdings. The transaction added the 59-storey Langham Place Office Tower, with approximately 702,900 square feet of office space, and the entire Langham Place Mall, with approximately 589,800 square feet of retail space and 250 basement parking spaces. Langham Place had been completed in July 2004. The acquisition significantly broadened Champion REIT from a primarily office-oriented trust into a portfolio combining landmark office, shopping and urban mixed-use assets. Following the Langham Place transaction, the portfolio was described as comprising approximately 2.2 million square feet of office space and 650,000 square feet of retail space in Hong Kong. The trust's brand is therefore associated less with consumer products than with a recognizable collection of commercial properties and the recurring rental income generated by them. Its investment identity is based on ownership interests in major Hong Kong buildings, property management and leasing, rather than on a conventional product-brand model. Champion REIT's relationship with Great Eagle Holdings remains central to its structure. Great Eagle was the sponsoring group behind the original spin-off and remained connected through the REIT manager and the transfer of Langham Place's non-hotel assets. The available reference material does not provide current financial figures, a current executive roster, a corporate website, or detailed information on later portfolio changes. Accordingly, this entry focuses on the trust's formation, listing, ownership structure and principal properties documented in the cited reference.

Champion REIT was created as a real estate investment trust sponsored by Great Eagle Holdings and was listed on the Hong Kong Stock Exchange on 24 May 2006. Its launch established a separately listed property vehicle whose initial core holding was a substantial interest in Citibank Plaza in Hong Kong. The trust's manager, Eagle Asset Management (CP) Limited, is a subsidiary of Great Eagle Holdings, while HSBC Institutional Trust Services (Asia) Limited serves as trustee. Citibank Plaza formed the foundation of Champion REIT's portfolio. The complex consists of Citibank Tower, a 47-storey office building, and ICBC Tower, a 37-storey office building, together with a retail podium and a parking garage. Champion REIT owns a 95.7% interest in the property. Its share of the complex covers approximately 1,559,278 square feet of floor area, comprising roughly 1,501,557 square feet of offices and 57,721 square feet of retail space. The parking facility has capacity for 555 vehicles. Most of the interest was acquired in connection with the initial public offering for approximately HK$18.7 billion, and the trust later purchased three additional floors in the complex from Kerry Properties. The trust expanded materially in 2008. On 3 June that year, it acquired the non-hotel portions of Langham Place in Mong Kok from Great Eagle Holdings for HK$12.5 billion. The transaction included the 59-storey Langham Place Office Tower, containing approximately 702,900 square feet of office space, and the entire Langham Place Mall, containing about 589,800 square feet of retail space. It also included 250 basement parking spaces. The Langham Place project had been completed in July 2004. The transaction was reported as valuing the retail element at approximately HK$12,519 per square foot and the office element at about HK$6,815 per square foot, with the consideration representing an 11.8% discount to the appraised value. The Langham Place acquisition changed the scale and composition of the trust. After the acquisition, its portfolio was described as containing approximately 2.2 million square feet of office space and 650,000 square feet of retail space in Hong Kong. Citibank Plaza provided a major office concentration, while Langham Place added a large mixed-use asset in Mong Kok and strengthened the retail component of the portfolio. Champion REIT's documented history is consequently defined by three structural developments: its creation through a Great Eagle Holdings spin-off, its public listing with Citibank Plaza as the initial cornerstone asset, and its subsequent purchase of Langham Place's office and retail components. The available source material does not detail later transactions, operating results, leadership changes, marketing campaigns or controversies. The trust is presented primarily as an institutional property-holding and leasing vehicle rather than as a consumer-facing brand.

• 2008

  Langham Place acquisition

  [1]Champion REITen.wikipedia.org

  On 3 June 2008, Champion REIT acquired the non-hotel components of Langham Place from Great Eagle Holdings for HK$12.5 billion.

• 2006

  Spin-off and Hong Kong listing

  [1]Champion REITen.wikipedia.org

  Champion REIT was spun off from Great Eagle Holdings and listed on the Hong Kong Stock Exchange on 24 May 2006, initially holding a major interest in Citibank Plaza.

A Hong Kong commercial-property real estate investment trust built around landmark office and retail assets, with a portfolio strategy focused on rental-generating properties in major urban locations.

• Office and retail property

  Citibank Plaza

  Citibank Plaza is Champion REIT's principal initial asset and comprises Citibank Tower, ICBC Tower, a retail podium and a parking garage. The two office towers are 47 and 37 storeys respectively. Champion REIT owns a 95.7% interest, representing approximately 1.56 million square feet of total floor area, including office and retail space, plus parking capacity for 555 vehicles.

• Office property · 2004

  Langham Place Office Tower

  Langham Place Office Tower is a 59-storey office building in Mong Kok. Champion REIT acquired the non-hotel component of Langham Place in 2008, adding approximately 702,900 square feet of office space to its portfolio. The wider Langham Place project was completed in July 2004.

• Retail property · 2004

  Langham Place Mall

  Langham Place Mall is the retail component of the Langham Place development in Mong Kok. It was acquired by Champion REIT in 2008 together with the office tower. The mall provides approximately 589,800 square feet of retail space and includes 250 basement parking spaces.

• 2008

  Acquisition of Langham Place's non-hotel assetsM&A

  Background

  Champion REIT sought to expand its commercial-property portfolio beyond its initial Citibank Plaza concentration. Great Eagle Holdings owned the Langham Place project and transferred its non-hotel components to the trust.

  Action taken

  On 3 June 2008, Champion REIT acquired the Langham Place Office Tower and the entire Langham Place Mall, together with associated parking, for HK$12.5 billion.

  Aftermath

  The transaction increased the scale of Champion REIT's portfolio to approximately 2.2 million square feet of office space and 650,000 square feet of retail space in Hong Kong.

  Acquisition consideration. HK$12.5 billion (3 June 2008)

  Source

• 2006

  Launch as a listed property trustStrategy

  Background

  Great Eagle Holdings sponsored a spin-off that created a separately listed Hong Kong real estate investment trust centered initially on Citibank Plaza.

  Action taken

  Champion REIT was listed on the Hong Kong Stock Exchange on 24 May 2006.

  Aftermath

  The listing established Citibank Plaza as the trust's principal initial asset and created the platform for subsequent commercial-property expansion.

  Source

1. 1Champion REITen.wikipedia.org