MANAGEMENT DISCUSSION & ANALYSIS | REVIEW OF OPERATIONS Brickell City Centre MIAMI Investment Properties – U.S.A. The Group owns 62.93% of the shopping centre at the Overview Brickell City Centre development. The remaining interest in the shopping centre is owned by Simon Property Group Brickell City Centre, Miami (25%) and Bal Harbour Shops (12.07%). Bal Harbour Shops Brickell City Centre is an urban mixed-use development in has an option, which has been exercisable since February the Brickell financial district of Miami, U.S.A. It has a site 2020, to sell its interest to the Group. area of 504,017 square feet (approximately 11.6 acres). The shopping centre was 89% leased (including by way of The first phase of the Brickell City Centre development letters of intent) at 31st December 2022. Retail sales in comprises a shopping centre, two office towers (Two and 2022 increased by 24%. Three Brickell City Centre, which were sold in 2020), a hotel The second phase of the Brickell City Centre development, with serviced apartments (EAST Miami, which was sold in to be known as One Brickell City Centre, is being planned. It 2021) managed by Swire Hotels and two residential towers will be a commercial development and will be connected to (Reach and Rise) developed for sale. All the residential the first phase of Brickell City Centre. units at Reach and Rise have been sold. 56