Wanda Hotel Development (00169) said it notes certain media articles stating, amongst others, that the Group has agreed with Baraka to sell the Group's property project in Madrid.
Wanda Europe Real Estate Investment Co., Limited (a company indirectly owned as to 60% by Wanda Hotel Development and indirectly owned as to 40% by its controlling shareholder, Dalian Wanda Commercial Properties Co., Ltd., signed a memorandum of understanding with Baraka Global Invest, S.L.U., a company organised under the laws of Spain, in relation to the negotiation and possible sale of all the issued shares in Wanda Madrid Development, S.L.U. by the Group to Baraka at EUR272 million.
The target holds the Wanda Hotel Development Group's property project at Plaza de Espana, 19, 28008, Madrid, Spain.
The Group has granted to Baraka exclusivity to conduct due diligence and negotiation of the possible disposal up to 15 October 2016.
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