Wanda Hotel Development (00169) said it agreed to sell 60% equity interests in Wanda International Real Estate Investment Co. Limited for GBP35.61 million (equivalent to about HK$374 million) to an independent third party.
The purchaser agreed to repay the debt for and on behalf of the target company, which is currently expected to be GBP159.5 million (equivalent to about HK$1,675 million).
The target company is the holding company of the Group's project for the redevelopment of the property located at Market Towers, 1 Nine Elms Lane, London SW8 5NQ, United Kingdom.
The disposal is expected to give rise to a gain of about HK$434 million (before taxation, if any). The net proceeds will be used by the Group to repay loans and interest due to controlling shareholder Wanda Commercial Properties (Hong Kong) Co. Limited and to finance the operations and development of its existing property development projects.
17/01/2018 09:28
Wanda Hotel Dev (00169) to sell London property project
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