Pacific Century Premium Developments (HKG:0432) said it agreed to sell the holding unit of its Midtown Niseko hotel in Japan to funds tied to Oaktree Capital Management, according to a Hong Kong bourse filing Friday.
Funds tied to Oaketree are buying Triple8 KK in a deal valued at HK$624 million, and Pacific Century expects to recognize a gain of HK$261 million from the sale.
Pacific Century said it will use the proceeds from the sale to repay existing debts.
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