Second time lucky for Zing! tower?
Following a failed sale in August, Zing! retail tower in Causeway Bay may have found a buyer for HK$1.9 billion (US$243 million).
CLSA Capital Partners expects to complete the sale soon to a Macau-based consortium, says a report in the Hong Kong Economic Times.
It will be the city’s largest en bloc transaction in recent weeks. The 27-storey, 79,051sqft (7344sqm) property is next to Wharf’s Times Square complex.
A so-called “Ginza-style” shopping mall, Zing! is modelled after the retail towers with nightlife options in Tokyo’s prime shopping district. The building has floor plates ranging from 1750 to 3400sqft, and is tenanted by F&B businesses, gyms, clubs, beauty salons and other lifestyle venues.
The private equity arm of Asian investment group CLSA bought the building, then known as Bigfoot Centre, for $1.4 billion in 2014, then renovated and re-launched it as Zing! the following year. In May, the company put the tower on sale via public tender. An unidentified Hong Kong family agreed to buy the building for $2.1 billion in August, but the deal ultimately fell through.