Shun Tak Holdings (00242) said the Abu Dhabi Investment Authority shall invest in and own a property located at Taipa, Macao with Shun Tak by acquiring 50% of the issued share capital of Nextor Holdings Limited at a total of HK$3,230.2 million.
As a condition to the completion of the agreement, the Shun Tak Group will undergo an internal restructuring whereby the property owner, which is a non-wholly-owned subsidiary of Shun Tak and holds the entire interest in the property solely for the Group will transfer the property to a company to be incorporated in Macao (project company) as an indirect wholly-owned subsidiary of the target company.
Upon completion, Shun Tak's shareholding interest in the target company will be reduced from 100% to 50% and the target company will become a joint venture held on a 50:50 basis by Shun Tak and the purchaser for the purpose of holding and operating the property.
The property, being part of Nova City Phase 5, will be a large-scale lifestyle shopping centre with a gross floor area over 655,000 square feet. Nova City, based in Taipa, Macao, is one of the largest luxury property developments in Macao. It comprises upscale residential units, world-class landscaping and clubhouse facilities. Nova City Phase 5, which is currently under construction with project completion date scheduled for late 2018, will comprise over 2.3 million square feet of residential units in eight towers atop the property. The property is the entire commercial complex with a gross floor area of about 60,899 square meters and 609 car parking spaces of Nova City Phase 5, comprising of 8 residential towers, a commercial complex and ancillary car parking spaces.
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