Closing of the transaction took place October 11
Landing International completes sale of London casino
Les Ambassadeurs is located in Mayfair where it has been operated by Landing International since the beginning of 2016 when they acquired it.
2017-10-16
Reading time 30 seg
The Hong Kong-listed company has finalized the sale of its London property Les Ambassadeurs Club and Casino.
The value of the transaction was estimated at HKD2.5bn (USD 320.3M), the company revealed in a statement.
“All conditions precedent of the disposal agreement have been fulfilled and the completion took place on 11 October 2017,” said Landing International in a filing.
Les Ambassadeurs is located in Mayfair where it has been operated by Landing International since the beginning of 2016 when they acquired it for £131m ($173.5m).
Following the sale, the casino investor expects to post a gain before tax of approximately HKD500m (USD 64M) from the disposal, a figure that represents “a return on investment of approximately 30%to 35% expressed as the ratio of estimated gain over initial acquisition consideration”.
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