Swire Properties and Legendary Bal Harbour Shops Reach Agreement to Co-Develop Retail Component at Brickell CityCentre

  Swire Properties and Legendary Bal Harbour Shops Reach Agreement to
  Co-Develop Retail Component at Brickell CityCentre

Business Wire

MIAMI -- January 30, 2013

Swire Properties and Bal Harbour Shops today announced they have agreed to an
equity partnership to jointly develop the retail component of Brickell
CityCentre. Under construction in the Brickell financial district of downtown
Miami, the 2.9 million square foot Brickell CityCentre will include a high end
500,000 square foot retail center, to open along with condominiums, hotel and
other elements of the project in the third quarter of 2015.

Under the strategic alliance announced today, Swire Properties will remain the
primary developer of the mixed-use project, while Bal Harbour will contribute
both meaningful equity and its brand recognition and luxury retail expertise
as co-developer of the retail component. The venture bolsters the vision that
Swire Properties has for Brickell CityCentre becoming the leading destination
in the heart of Miami for exclusive shopping and dining. As the creators of
one of the world’s most renowned collections of high fashion retail and,
according to the International Council of Shopping Centers, the world’s top
performing shopping center, the Bal Harbour Shops team brings years of proven
experience and relationships with the world’s leading fashion companies.

“We are honored to have Bal Harbour Shops join us as co-developers of the
shopping at Brickell CityCentre,” said Stephen L. Owens, president of Swire
Properties Inc. “Built over generations, the credibility of Bal Harbour Shops
with the luxury retail market, evidenced by the extraordinary sales
performance of their center, will be of tremendous value to the market
positioning of Brickell CityCentre as a destination shopping experience for
residents and visitors alike.”

“Knowing Swire Properties for their international expertise in creating
multi-level, design-driven retail centers with a vibrant mix of synergistic
uses, we see Brickell CityCentre to be a strategic fit enabling us to meet the
increasing demand for high-end brands by shoppers from all over town and,
indeed, from all over the world,” said Matthew Whitman Lazenby, operating
partner at Bal Harbour Shops and grandson of Stanley Whitman, the center’s
original developer. “With its immediate proximity to both a thriving and
affluent local resident as well as its enviable access to the flourishing
Brickell-area tourism and hospitality markets, this is a truly inimitable
retail location and we look forward to working with Swire Properties on
fulfilling what is now our shared vision for Brickell CityCentre.”

The $1.05 billion Brickell CityCentre project broke ground in 2012. It will
include a shopping center, two residential towers, a hotel, wellness center,
serviced apartments, two office buildings, and 3,100 parking spaces. The
project is being developed in two phases, with the first phase, including all
elements except for one office tower, scheduled for completion in 2015,
followed by the final office tower in 2018.

About Bal Harbour Shops

Opened in 1965 by retail visionary Stanley Whitman, Bal Harbour Shops was the
first all luxury fashion center featuring high-end retailers in a tropical,
open-air setting. Bal Harbour Shops quickly became the most exclusive shopping
destination in the country with record-setting sales and has remained the
industry leader. In 2012, due to its enduring appeal to a blend of foreign,
short-term visitors, seasonal residents, and a loyal local consumer, Bal
Harbour Shops topped the list as the most productive luxury shopping center in
the entire world, according to data compiled by the International Council of
Shopping Centers. Three generations of the Whitman family remain steadfast in
their shared vision for this fashion mecca and unwavering in their commitment
to its continued success.

About Swire Properties

Swire Properties, established in Miami since 1979, is one of South Florida’s
leading international developers of urban office, hotel and condo real estate.
Known for its $1 billion master-planned development of Brickell Key along the
Miami River in downtown Miami, Swire continues to shape the Miami skyline with
its latest project, Brickell CityCentre, a landmark $1.05 billion mixed-use
development comprising a gross floor area of 5.4 million square feet including
office, residential, hotel, retail and entertainment space and underground
parking.

A public company since January 2012, Swire Properties Ltd. includes Swire
Properties Inc., the U.S. real estate subsidiary of Hong Kong based Swire
Pacific Holdings Ltd. Swire Pacific Holdings Ltd. is a 200 year old, publicly
traded multinational corporation with principal interest in real estate, trade
and aviation. Visit Swire Properties’ website at www.swireproperties.us.

Contact:

rbb Public Relations
Josh Merkin, 305-967-6666
josh.merkin@rbbpr.com
 
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