CapitaLand sells Citadines Mercer Hong Kong for $101.6m

The property has an agreed value of $129.4m.

CapitaLand has completed the divestment of 100% shares of Excel Chinese International Limited (ECIL) for $101.6m (HK$581.1m), the firm which owns the residential property Citadines Mercer Hong Kong in Sheung Wan, Hong Kong, an announcement revealed.

The property has an agreed value of $129.4m (HK$740.8m).

“The property has reached the optimal stage of its life cycle and the divestment is in line with CapitaLand’s strategy of unlocking value through proactive portfolio reconstitution,” said CapitaLand in a press release.

Following the transaction, ECIL has ceased to be a wholly-owned subsidiary of CapitaLand.

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