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Wednesday, 25 May 2016, 15:40 HKT/SGT

Source: Champion REIT
Grade-A Office Complex Citibank Plaza to Be Renamed as "Three Garden Road, Central"

HONG KONG, May 25, 2016 - (ACN Newswire) - Champion Real Estate Investment Trust (stock code: 2778) announces that its Grade-A office complex in Central Citibank Plaza, will be renamed "Three Garden Road, Central" effective 28 June 2016, after the completion of major asset enhancement works. Citibank Tower, one of the towers of the complex will also change its name to "Champion Tower". The name of the other tower "ICBC Tower" will remain unchanged.

The new name reflects the premium location of the property in Garden Road which is a prestige address in the Central Business District. After the re-naming of the property, Citibank will remain the single largest tenant in "Three Garden Road, Central", occupying more than 220,000 sq. ft. with a lease term of six years through 2022.

As part of the initiative to continuously enhance the asset quality, the complex has undergone a series of improvement works at a cost exceeding HK$100 million in the past year. That includes the renovation of the office lobbies and the car park, as well as expansion of outdoor seating areas and landscaping, further reinforcing its image as a premium office building. In addition, the complex has improved the catering services by offering more popular alfresco dining venue. Pure Fitness, one of Asia's pre-eminent fitness centres, has also been introduced to the property, providing office occupants with a superior working environment and a better work-life balance.

"Three Garden Road" boasts a total floor area of 1,638,000 sq. ft. in two connected 47-storey and 37-storey office towers. Its current occupancy rate is around 95%.

The tenant base of the property has become more diversified in recent years. The weighting of the banking sector has come down to around 40%, while new tenants have come from other segments of the financial industry, including asset managers and financial information providers.

About Champion REIT

Champion Real Estate Investment Trust is a trust formed to own and invest in income- producing office and retail properties. The Trust focuses on Grade-A commercial properties in prime locations. It currently offers investors direct exposure to 2.93 million sq. ft. of prime office and retail properties by way of two landmark properties, Three Garden Road and Langham Place, one on each side of the Victoria Harbour.

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May 25, 2016 15:40 HKT/SGT
Source: Champion REIT

Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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