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REGAL REIT Sells Regal Oriental Hotel at ~8% Discount; Buyer Proposes Student Hostel Conversion
Recommend 2 Positive 3 Negative 1 |
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CENTURY C INT'L (00355.HK), PALIBURG HOLD (00617.HK), and REGAL INT'L (00078.HK) jointly announced that their subsidiary, REGAL REIT (01881.HK), as the seller, had entered into a preliminary sale and purchase agreement with Blue Sky Properties, as the buyer, to sell the entire equity of the target company holding Regal Oriental Hotel in Kowloon City and a debt of HKD753 million. The total consideration is around HKD1.518 billion, representing the agreed value of Regal Oriental Hotel and a discount of about 7.8% from the appraised value of HKD1.647 billion at the end of 2025. Upon completion of the transaction, Blue Sky Properties, an indirect wholly-owned subsidiary of Centaline Strategic Investments, plans to apply for the conversion of the property into a student hostel. However, part of the floor area of the adjacent Po Sing Court is not included in the sale and will be retained by the seller. AAStocks Financial News |
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