Miramar Hotel and Investment's (HKG:0071) unit Mira HK agreed to acquire Solution Right and a loan it owes to seller Kinsford International for HK$3.12 billion, a Wednesday bourse filing said.
Kinsford International is a wholly-owned subsidiary of Henderson Land (HKG:0012), the holding company of Miramar Hotel and Investment.
The main asset of Solution Right, through its unit Far Union, is a property comprising a certain portion of Kowloon Inland Lot No 6022, as well as a composite building of 10 storeys in Kowloon, Hong Kong.
A 23-storey hotel cum commercial complex will be developed on the property, the vacant possession of which will be delivered to Mira HK by the vendor 48 months after the completion of demolition works related to the existing building on the property.
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