Hotel Properties (SGX:H15) entered into a sale and purchase agreement with Precinct Properties Investments to purchase the entire share capital of Precinct Properties 1 Queen Street, according to a Tuesday filing with the Singapore Exchange.

Precinct Properties 1 Queen Street owns a freehold property called The Intercontinental Auckland, a hotel comprising 139 rooms, a restaurant, a gym and a Club Intercontinental.

The total consideration for the transaction is NZ$180 million, the filing said.

The acquisition, which will be funded via a third party loan financing and internal resources, expands the company's hotel portfolio in New Zealand, according to the filing.