Manulife (International) Limited has announced it has completed the purchase of Manulife Tower. Developed by Wheelock Properties, the 21-storey building is located at 83 Hoi Bun Road, Kowloon East.
The deal to purchase the block was done in 2013 and the price of HK$4.5 billion was the largest single office tower purchase in Kowloon at that time.
Manulife will take occupancy of its new landmark tower by the end of 2015. The new building will serve as the office of some of the company's regional and Hong Kong operations, and also the majority of its agency offices. Other Manulife offices will continue to be located in Causeway Bay and Kwun Tong.
"Manulife Tower is a world class development that we're proud to add to our global real estate investment portfolio. Through strategic acquisitions, we've grown to over 1.3 million square feet of real estate across Asia," said Kevin Adolphe, President and CEO of Manulife Real Estate. "Manulife Tower, at more than 500,000 square feet, and with state-of-the-art technologies, is one of our finest office buildings in the region."
"Manulife Tower is a brand-new Grade A office building located in the emerging business hub of Kowloon East," said Michael Huddart, Executive Vice President and General Manager for Greater China at Manulife. "Together with our existing operations in Manulife Financial Centre, Manulife Tower will make Manulife one of the biggest employers in Kowloon East and further strengthen our market presence in Hong Kong, where we serve one-fifth of the population with more than 118 years of remarkable success."
Manulife Tower is the latest acquisition to Manulife's global real estate investment portfolio, which includes more than 58 million square feet in key markets across Canada, the United States and Asia.
