Mandarin Oriental to sell two retail units adjoining its Paris hotel for 148 million euros
MANDARIN Oriental International has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris for 148 million euros (S$261.9 million).
In a bourse filing on Wednesday (Jun 12), the company – which has a secondary listing in Singapore – said the buyer is Lavender Propco, an entity controlled by Blackstone Europe.
It added that the proceeds of the sale, expected to complete on or after Jun 30, will go towards the group’s general development strategy.
The group sold off the hotel to Statuto Group for 205 million euros less than two months ago. It previously said it would retain a long-term agreement to manage and brand the hotel after the sale.
The building comprising the retail units and the hotel was purchased in 2013. Mandarin Oriental International then divided them into separate titles.
Mandarin Oriental, Paris, located at 251 rue Saint-Honoré, is a leading luxury hotel in the French capital.
Mandarin Oriental is a member of the Jardine Matheson Group, a Straits Times Index constituent.
Before the announcement, shares of Mandarin Oriental closed at US$1.74 on Wednesday, down US$0.01 or 0.6 per cent.
Shares of Jardine Matheson closed at US$36.82, down US$0.01 or 0.03 per cent.
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