(Alliance News) - Symphony International Holdings Ltd on Monday said the Niseko property joint venture has entered into binding agreements for a partial sale of land in Japan.
The AIM-listed investor also said the joint venture has agreed to co-develop another part of the land with Hanwha Hotels & Resorts.
Symphony holds about 38% interest in the Niseko property joint venture.
As part of the sale agreement, Symphony said the joint venture will sell about 31% of the development site to Hanwha, with a further 39% to be sold to a new joint venture company that will be held equally by the Niseko property joint venture and Hanwha.
The transaction is expected to be completed in April next year. No financial details of the deal were disclosed, but Symphony said the agreed sale price implies a premium to the fair value at which Symphony held its interest on September 30.
"The realisation of part of our investment in Niseko reaffirms our investment thesis on growing demand for luxury real estate in Asia," said Symphony Director Anil Thadani.
"Hanwha brings extensive property development experience to the new joint venture, which will allow us to unlock further value in the coming years."
Symphony shares were trading 0.4% lower in London on Monday morning at USD0.60 each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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