HONG KONG (Bloomberg) — Pacific Century Insurance Holdings Ltd. will buy an office building in Hong Kong from Bermuda-registered Hongkong Land Holdings Ltd. for HK$1.47 billion ($189 million).The building, with a gross floor area of about 290,000 square feet, is in the city's Quarry Bay district in the eastern end of Hong Kong Island, Pacific Century said in a statement published in the Standard newspaper.

Pacific Century plans to gradually move its operations, which occupy about 200,000 square feet in various locations, to the property, the statement said.

The property is fully occupied and "offers attractive yield," the Hong Kong-listed life insurance company said, adding that it plans to hold the property as a long-term investment.

The purchase is subject to Pacific Century shareholders' approval, the statement said.

Singapore-listed Hongkong Land is one of Hong Kong's largest business-district property owners.