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Baker & McKenzie Advises Wheelock on HKD 5.425bn Landmark Sale Of One Bay East – East Tower.

24 June, 2014

 

Baker & McKenzie is acting as counsel to Wheelock Properties Limited (“Wheelock“) on its landmark HKD 5.425bn (USD 699.86m) sale of the East Tower at One Bay East, Kowloon East to global banking and financial corporation Citi. According to market analysts, the deal marks the largest single office tower sale & purchase transaction in Hong Kong to date. 

Partner Edmond Chan led Baker & McKenzie’s team on both transactions. Commenting on the latest deal, Edmond Chan said, “We are delighted to partner again with Wheelock on this significant milestone transaction in Hong Kong’s property market, and to be able to support the strategic developments associated with transforming Kowloon East into Hong Kong’s second Central Business District.”

Baker & McKenzie also represented Wheelock on its HKD 4.5bn (USD580m) sale of the West Tower at One Bay East to Manulife (International) Limited in April 2013, which was then marked as the second-highest price on record for a whole office tower in Hong Kong.

Cordells acted as the counterparty counsel.

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