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GR Properties agrees to buy mixed-use property owner in Beijing for HK$1.54B

GR Properties Ltd. signed a roughly HK$1.54 billion agreement with a company owned by two of its directors to buy Wise Expert Investment Ltd., owner of a mixed-use property in Beijing with residential, hotel, serviced apartment and office components.

The Hong Kong-listed company will allocate an estimated HK$1.18 billion of convertible bonds and nearly HK$361.3 million of shares to the selling companies, Winluck Global Ltd. and Silky Apex Ltd., as payment for Wise Expert. The conversion price for the each of the bonds is 80 Hong Kong cents, the same per-share amount for the units to be issued, according to a filing.

GR Properties said it will develop the site held by Wise Expert into a 36-story office building with a total gross floor area of approximately 21,856.46 square meters. The planned development is adjacent to a commercial property owned by the group within the Economic Technological Development Area of Yizhuang in Beijing. The company noted the operation of the two properties can be integrated together to enhance value.

Completion of the agreed transaction is subject to various conditions, including approval from independent GR Properties shareholders. The proposed acquisition will be voted on during a yet-to-be-scheduled extraordinary general meeting, GR Properties added.