HKG:0071

Miramar Hotel and Investment Forms 50:50 Venture to Acquire Kowloon Commercial Property

Miramar Hotel and Investment Company (HKG:0071) said its indirect wholly-owned subsidiary, Miramar Subscriber, formed a 50:50 joint venture with Tai Hung Fai Capital Investment to acquire Smart View Enterprise.Smart View Enterprise indirectly owns a commercial property on Kowloon Inland Lot Nos. 1385 and 1386, comprising commercial premises, a theatre and other units, according to a Hong Kong bourse filing.The parties expect to contribute about HK$400 million of capital to the joint venture on an equal basis, while the target company is expected to have up to HK$900 million of bank debt after completion.The acquisition is expected to be completed on or before Sept. 15.