UOL Group enters deal to sell Parkroyal Kitchener Hotel
The hotel costs $525m.
Real estate firm, UOL Group, and its subsidiary signed a sale and purchase agreement with Midtown Properties Pte. Ltd for the disposal of 5,000,000 ordinary shares in Parkroyal Kitchener Hotel.
In a bourse filing, UOL said it arrived on a willing-buyer willing-seller basis taking in consideration of the valuation of the property with a report as defined:
- A sum of $52.5m, which is inclusive of booking fee valued at $5.2m representing the deposit that has been paid by Midtown to PPHG
- An amount in cash which shall be paid by Midtown to PPHG on the date on which the Proposed Disposal is completed
After the sale has been completed, the parties will agree on the Adjusted Net Asset Value of PKH as at the Completion Date if the Completion Adjusted Net Asset Value: (i) is less than the Estimated Adjusted Net Asset Value, PPHG shall pay to Midtown an amount equal to the deficit; or (ii) exceeds the Estimated Adjusted Net Asset Value, Midtown shall pay to PPHG an amount equal to the excess.
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