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.
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