Metro Holdings sells interest in Beijing project

Metro Holdings has announced that its 50 percent owned unit, Nordevo Investments Ltd, has agreed to sell its 50.1 percent stake in Metropolis Holding China Ltd, which owns Metropolis Tower in Beijing.

The sale and acquisition agreement includes the US$15.3 million shareholders loans payment, as well as US$2.3 million in interest sales. The agreement also offers the repayment of the entire outstanding mezzanine loans of US$41.0 million.

Metro Holdings noted that net proceeds will be added to its working capital, and will be used to build its presence and investment portfolio in the region “through a selective positioning, new investments in property development and strategic alliances.”