3rd Feb 2005 14:00
HSBC Holdings PLC03 February 2005 HSBC IN SINGAPORE TO SELL HSBC BUILDING IN RAFFLES PLACE FOR US$92.6 MILLION The Hongkong and Shanghai Banking Corporation Limited has entered into anagreement to sell HSBC Building in Singapore for S$152 million (equivalent toUS$92.6 million) to CapitaCommercial Trust (CCT), a Singapore listed real estateinvestment trust. The sale price comprises S$147 million (US$89.6 million) forthe building and S$5 million (US$3 million) in respect of the cost ofconstructing a glass facade for the building. Upon completion of the sale and purchase transaction, CCT has agreed to leasethe building to HSBC in Singapore for seven years. Completion of the transactionis subject to certain conditions being met. HSBC Building is a 21-storey office building with three basement levels with anet lettable area of 18,624 sq m (about 200,467 sq ft). Paul Lawrence, chief executive officer of HSBC in Singapore, said: "This is partof the ongoing management of our assets. With the leaseback arrangement, it willprovide us with a great deal more flexibility to review our operational spacerequirements going forward." Notes to editors 1. HSBC in SingaporeThe HSBC Group's history in Singapore dates back to 1877 when its foundingmember, The Hongkong and Shanghai Banking Corporation Limited, opened its firstbranch. Today, HSBC has a network of 10 branches incorporating four Premiercentres and 27 automated teller machines in Singapore, including four at offsitelocations. A qualifying full bank, HSBC in Singapore offers a comprehensiverange of services including personal and commercial banking, investment andprivate banking, insurance, forfaiting and trustee services, leasing andsecurities and capital markets services. 2. The HSBC GroupHSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110million customers worldwide from approximately 10,000 offices in 76 countriesand territories in Europe, the Asia-Pacific region, the Americas, the MiddleEast and Africa. With assets of US$1,154 billion at 30 June 2004, HSBC is one ofthe world's largest banking and financial services organisations. HSBC ismarketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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