Dalian Wanda Group Co. Ltd., through two of its units, has completed the disposal of the One Nine Elms project in London to Chinese developer Guangzhou R&F Properties Co. Ltd.
Wanda Hotel Development Co. Ltd.'s deal with Guangzhou involved the sale of a 60% stake in the project company for about £35.6 million. In January, Guangzhou agreed to repay approximately £159.5 million in debt to Wanda Hotel on behalf of the project company, a debt that was later revised in June to about £161.3 million under a supplemental agreement.
Wanda Hotel said in a release that £90.0 million of the debt remains outstanding as at July 6.
Wanda Commercial Properties (Hong Kong) Co. Ltd., meanwhile, sold the remaining 40% stake in the project company at the same per-share price.
One Nine Elms was Dalian Wanda's first and only London project and was expected to include apartments, offices, retail space and a hotel.