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Swire Properties shareholder plans $648 mln stake sale-IFR

Wednesday, 3 Oct 2012 | 6:45 AM ET

HONG KONG, Oct 3 (Reuters) - Swire Properties Ltd's

biggest shareholder plans to sell about $648 million worth of shares in the real estate developer in a block offering, IFR reported on Monday, citing sources with knowledge of the deal.

John Swire & Sons is offering 217 million shares in Swire Properties, which was spun off from Swire Pacific Ltd in January, at a range of HK$22.51-HK$23.23, added IFR, a Thomson Reuters publication.

The deal comes after John Swire & Sons received a waiver from a 90-day lockup on the stock, as it sold another block worth $645 million in Swire Properties in August.

The selldown could total as much as HK$5.04 billion with shares offered at a discount of 3 percent to 6 percent from Monday's close of HK$23.95 each.

BOC International, HSBC , JPMorgan and Morgan Stanley are managing the deal, IFR added. ($1 = 7.7550 Hong Kong dollars)

(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)

((elzio.barreto@thomsonreuters.com)(852)(2843-1608)(Reuters

Messaging: elzio.barreto.thomsonreuters.com@reuters.net))

Keywords: SWIREPROPERTIES SELLDOWN/

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