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 100% leased (including by way of The first phase of the Brickell City Centre development letters of intent) at 31st December 2023. Retail sales in comprises a shopping centre, two office towers (Two and 2023 increased by 13% compared to the same period Three Brickell City Centre, which were sold in 2020), a hotel in 2022. with serviced apartments (EAST Miami, which was sold in The second phase of the Brickell City Centre development 2021) managed by Swire Hotels and two residential towers is being planned. (Reach and Rise) developed for sale. All the residential units at Reach and Rise have been sold. 54