On May 18 – IBI group Hldgs (01547. HK) announced that on May 18, 2022, the buyer (the company’s indirect subsidiary and part of the group) entered into a sale and purchase agreement with the seller, according to which the buyer agreed to purchase and the seller agreed to sell the property for a consideration of 13.5 million euros (equivalent to about HK $113 million).
It is reported that the property is located in Adelaide chambers, Adelaide square, Peter street, Dublin 8 It is located in the heart of Dublin’s central business district, a prime location 400 meters west of St. Stephens green. The property is a four story building with a basement, with a four story modern expansion on the east side, providing approximately 19600 square feet of office space and 31 underground parking spaces.
In view of the dynamic economic importance of the central business district in Downtown Dublin and the development prospects of the property, the Board believes that the acquisition provides the group with an excellent investment opportunity to expand and diversify into property investment in Ireland, one of the major business and tourism centers in Europe.
Taking into account the prime location of the property and the existing lease, the company believes that due to the upgrading project and renewal of the lease, the acquisition can bring stable cash flow and income to the company and enjoy potential capital appreciation in the future.
