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Wanda Hotel's A$1.13B sale of 2 Australian projects closes

Wanda Hotel Development Co. Ltd. closed May 18 its A$1.13 billion deal with AWH Investment Group Pty. Ltd. for the divestment of its rights in a Sydney project and a 55% stake in a Gold Coast development in Australia.

The Hong Kong-based real estate developer sold all of its 202,783,619 shares in Wanda Australia Commercial Properties Pty. Ltd., the holding company of the two projects, as part of the agreement.

The Gold Coast project comprises three high-rise towers with a total gross floor area of about 146,200 square meters, while One Alfred Street in Sydney will span roughly 97,500 square meters of gross floor area, featuring hotel, residential and retail space.

Upon the deal's completion, Wanda Australia Commercial Properties ceased to be a Wanda Hotel subsidiary. A gain of approximately HK$556 million is expected from the transaction and a portion of the HK$4.13 billion of net proceeds attributable to the group will be used to repay debt.