Henderson Land Development (00012) said it agreed to sell to Sunlight Real Estate Investment Trust (00435) the entire interest in a 26-storey Grade-A office development located at No.712 Prince Edward Road East, Kowloon currently called "AIA Financial Centre" for an initial amount of HK$1,960 million.
It is estimated that Henderson will record a gain of about HK$613 million from the disposal.
Besides, Henderson agreed to subscribe for about 201 million units of Sunlight REIT at HK$3.9 per unit, representing a premium of about 20.7% to the closing price of HK$3.23. Upon completion, the aggregate holding of the Henderson group will be increased to about 43.67% from 36.71%. An application to the Executive for the whitewash waiver will be made by the Henderson group.
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