Temasek Holdings’ property firm Mapletree Investments is acquiring Hong Kong shopping complex Festival Walk in a deal worth HKD18.8 billion (USD 2.4 billion). According to a statement made to the Hong Kong Stock Exchange, Mapletree has already paid a deposit of HKD1.8 billion (USD230.97 million), and the sale will be finalized on August 18.
The 1.2 million square foot seven-storey mall has a book value of HKD17.2 billion as of December 2010, representing a profit of HKD1.6 billion from the deal. The fully- occupied complex also houses top-tier office spaces. Full story
