April 21, 2019

Mirae Asset Daewoo to inject US$300m to buy Hong Kong skyscraper

PUBLISHED : April 27, 2018 - 15:28

UPDATED : August 06, 2018 - 11:11

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[THE INVESTOR] Korean securities firm Mirae Asset Daewoo on April 27 said it is investing US$300 million won to acquire Hong Kong’s 73-story skyscraper The Center, owned by billionaire Li Ka-shing. 

The total price tag of the city’s fifth-tallest building is around US$5.15 billion, a record price for Hong Kong office buildings. Singapore’s sovereign wealth fund GIC is participating in the purchase, as well as other Hong Kong investors. 

The Center building

“Through this investment, Mirae Asset Daewoo hopes to become a major real estate investor in the global market,” the firm said. 

The deal will be financed through issuing a dual tranche bond worth US$41.2 billion, 80 percent of the entire price tag.

Mirae Asset Daewoo is investing US$300 million in the class ‘A’ tranche, with a term of 18 months and a coupon rate of 7.5 percent in the first year and then 12.5 percent in the following year.

By Ahn Sung-mi (

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