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SJM buys HK$680 million of Hong Kong office space for consolidation and expansion

Ben Blaschke by Ben Blaschke
Sun 11 Nov 2018 at 19:07
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Macau gaming concessionaire SJM Holdings has reached an agreement to purchase the entire 18th floor of China Merchants Tower at Shun Tak Centre in Hong Kong from a subsidiary of its owner, STDM.

SJM revealed details of the purchase in a filing to the Hong Kong Stock Exchange on Friday, with the transaction costing HK$680 million, to be paid to current owner Shun Tak Centre in two stages. Shun Tak Centre is 30% owned by STDM.

Outlining the reasons behind the purchase, SJM said the property was intended for self-use and consolidation of various existing offices of the group into a single location.

“The board considers that (i) the acquisition is expected to improve operation efficiency by consolidating the group’s various offices into a single location; (ii) the property is a convenient location for travelling to and from Macau; and (iii) the property provides sufficient floor space to accommodate the group’s future expansion,” it said.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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