Champion Real Estate Investment Trust said its distributable income more than doubled last year, as the company benefited from the acquisition of Langham Place.
The property trust, a spin-off of Great Eagle Holdings, yesterday posted net income of HK$1.41bn for last year, a 110.2% jump from HK$669.8m in 2007. Revenue surged 91.92% to HK$1.61bn from HK$838.89m.
The property trust, which owns 95.7% of Citibank Plaza in Central, acquired the Langham Place shopping centre and office tower in Mong Kok for HK$12.5bn in May last year, almost doubling its portfolio to 2.85m square feet and helping diversify its income stream.
South China Morning Post