Lifestyle International Announces Completion of Kai Tak Project Refinancing

HONG KONG, July 3, 2024 – (ACN Newswire via – Lifestyle International Holdings Ltd (“Lifestyle International”) is pleased to announce the successful signing of a HK$7.85 billion 5-year term loan and revolving credit facility (the “New Facility”) on 28 June 2024. The New Facility is for the purposes of refinancing the existing HK$6.95 billion project loan facility for the development of the Group’s retail commercial complex in Kai Tak, East Kowloon, namely “The Twins”. This self-arranged refinancing has garnered strong interest and support from 12 financial institutions, including all the lenders under the existing facility.

Commenting on the New Facility, Ms. Lau Kam Shim, Executive Director of Lifestyle International said:”The success of this self-arranged refinancing, with the facility amount being upsized from HK$6.95 billion to HK$7.85 billion, is a strong vote of confidence in the management of Lifestyle International as well as the future prospects of Hong Kong’s retail market.”

Ms. Lau added “The Twins, which will house Hong Kong’s second full-scale SOGO department store, will kick off its’ first opening phase this year with the commencement of business operations in mid-September. We are excited to step out of our Causeway Bay home base to serve the Kai Tak local community and look forward to introducing a diverse selection of brands, lifestyle and entertainment offerings, that will enrich the daily lives of our East Kowloon customer.”

Ms. Lau concluded: “Despite the current challenging environment, the Group remains firmly confident in the future of Hong Kong, as the city’s increasing integration with the Greater Bay Area will offer tremendous growth potential for the local economy and retail industry in the long term.”

About Lifestyle International

Lifestyle International is a Hong Kong-based premier department store operator. The Group operates the flagship SOGO department store in Causeway Bay, the largest Japanese style department store in Hong Kong. Characterized by the ‘one-stop shopping’ concept and unparalleled brand equity, the Group’s department store offers a wide variety of goods ranging from daily necessities to luxury products as well as personal care services, including beauty salons, in a comfortable and pleasurable shopping environment.

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