30th Mar 2016 08:43
LONDON (Alliance News) - Malaysia and Vietnam-focused property developer Aseana Properties Ltd on Wednesday said it has sold the Aloft Kuala Lumpur Sentral Hotel in Malaysia to Prosper Group Holdings Ltd for USD104.6 million.
The deal is expected to close in the third quarter of 2016 and is conditional on due diligence to be conducted by Prosper and on consents being obtained from Starwood Asia Pacific Hotels & Resorts Pte Ltd, the operator of the hotel.
The Aloft hotel is a 482-bed hotel located in Kuala Lumpur Sentral, the transportation hub of the Malaysian capital.
"The disposal of the Aloft Hotel is a significant milestone in our divestment strategy. This transaction also highlights the strength of our company in developing highly sought after real estate investment assets. The company remains fully committed to returning capital to Shareholders and will work closely with its lenders to enable distributions to be made at the earliest possible opportunity," said Aseana Chairman Dato Mohammed Azlan Hashim.
Aseana shares were flat at 0.4 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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