China Central Properties Ltd. said it has entered into agreements to acquire Guangzhou Heyin Plaza Development Co. Ltd. from an independent third-party vendor for 1.388 billion yuan (101 million pounds) in cash.
The company said 740 million yuan (54 million pounds) will be paid out of its existing internal financial resources and the balance will be through bank financing. The acquisition will be completed no later than 60 days after signing the agreement, it added.
Guangzhou Heyin Plaza is the holder of a partially-completed development project, expected to be completed in 2010, located in the commercial district of Yuexiu in Guangzhou, China.
On completion of the acquisition, China Central will have a property portfolio of about 1.333 million square metres in existing or planned gross floor area.
