Lum Chang unit sells London hotel

LUM Chang Holdings said on Tuesday that its subsidiary has sold a hotel located at 52 to 57 Princes Square, London, for £13.78 million (about S$24.47 million).

On Dec 23, Lum Chang subsidiary Lum Chang Orion agreed to sell 11.4 million shares in Pembridge Palace Holdco to ITC Investment & Technology Group Companies. Pembridge Palace owns the freehold interest in the London hotel.

The transaction is expected to generate a net gain of £2.6 million.

Lum Chang said that the sale was an opportunity "to realise its investments". The proceeds will be used to fund future investments of the company and its subsidiaries.