HONG KONG, May 21 (Reuters) - CVC Capital Partners Ltd has agreed to acquire a majority stake in HongKong-based serviced office provider The Executive Centre Ltdfrom Headland Capital Partners.
London-based CVC did not disclose the deal's value.Executive Centre generates more than $100 million in revenuesfrom operations in 10 Asian countries.
The investment will be CVC's first from its new $3.5 billionAsia fund, which closed this week.
Headland Capital, a former Asia private equity unit of HSBCthat was spun out of the bank in 2010, specialises in dealswhere it buys majority stakes.
HSBC Holdings Plc and Babson Capital providedfinancing to back CVC's acquisition of the stake in ExecutiveCentre.
(Reporting by Stephen Aldred; Editing by Matt Driskill)