HK Stock Market Move | SWIREPROPERTIES(01972)rose more than 3% recently, planning to sell $549 million worth of equity in the Miami Brickell City Centre.

SWIREPROPERTIES (01972) rose more than 3%, up 3.06% to HK$20.2 by the time the article was published, with a turnover of HK$53.056 million. In terms of news, SWIREPROPERTIES and Taikoo Company recently jointly announced that all parties have entered into transaction documents on the sale of equity (retail equity, parking asset equity, and facility equity) on the date of this announcement. Each selling party under the transaction documents is a wholly-owned subsidiary of SWIREPROPERTIES. As SWIREPROPERTIES is a subsidiary of Taikoo Company, each selling party is also a subsidiary of Taikoo Company. The ultimate beneficial owners of each buyer under the transaction documents are all Simon Property. The maximum consideration for the sale of equity under the transaction documents is US$549 million, including the maximum consideration of US$36.1 million. Brickell City Centre is an urban mixed-use development project located in the Brickell financial district of Miami, Florida, USA, comprising the target property (retail, shared facilities, and parking portions), two office buildings (sold by SWIREPROPERTIES group in 2020), a hotel with serviced residences (sold by SWIREPROPERTIES group in 2021, still managed by SWIREPROPERTIES group after sale), and two residential towers (all residential units sold by SWIREPROPERTIES group). The announcement stated that the sale allows SWIREPROPERTIES to cash out from its investment in the sale of equity. The proceeds from the sale will be used for SWIREPROPERTIES' financing obligations in the United States and the general operating funds of the SWIREPROPERTIES group.