Two units of Far East Consortium International (HKG:0035) agreed to sell two firms to AMTD IDEA Group (SGX:HKB), a Tuesday filing with the Hong Kong bourse said.

Subsidiary Quality Drive agreed to offload Quality Hornsey Propco for nearly 22.7 million pounds sterling plus the net asset value of the target and its unit Green Boutique Hotel.

Hornsey TH Holdco, another subsidiary of the company, will sell Hornsey TH PropCo to the purchaser for 24.5 million pounds sterling plus the net asset value of the target firm and its unit Hornsey TH OpCo.

The two target companies hold hotel and town hall properties in London.

The property and hotel operations company will use proceeds from the sales for general working capital.