Swire Properties shareholder plans $648 mln stake sale-IFR

HONG KONG Wed Oct 3, 2012 6:45am EDT

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.

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