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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.