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Swire Pacific Limited

Press Release

17th December, 1996


For immediate release

IBJ Leases Two Floors at Two Pacific Place

Swire Properties Ltd. has signed a contract with Industrial Bank of Japan (IBJ) for the lease of two full floors at Two Pacific Place.

The new lease involves a total floor area of 41,612 square feet on the 16th and 17th floors of Two Pacific Place, Swire Properties' prime Central office development. The new premises will house IBJ group companies, with both local and regional operations including IBJ Hong Kong Branch, IBJ Asia and IBJ Leasing. Occupation is scheduled for April.

IBJ said they were very pleased to be able to find and secure premises with such large floor plates in Pacific Place. This will allow IBJ to streamline their operations more effectively.

Swire Properties' Director and General Manager, Mr Jolyon Culbertson, welcomed the lease agreement, saying that it underlined the strength of the banking community in Hong Kong and of Pacific Place, in particular.

"In the last six months a number of strong multi-national companies have become tenants at Pacific Place, ensuring they are well positioned for their long term plans. The level of activity of such companies has resulted in some rental increases and this is likely to continue," said Mr Culbertson.

A leading merchant banking group in Japan, IBJ is one of 25 international banks jointly providing a HK$5,300 million term-loan facility to finance Package One of the MTRC Airport Railway Tung Chung Station Development, which is being undertaken by a consortium of five developers including Swire Properties.

Two Pacific Place is one of the twin office towers at Swire Properties' Pacific Place complex, which comprises 1.5 million square feet of prime office space, three five-star hotels and an 800,000-square-foot retail podium.


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