AMTD Signs Term Sheet for London Property Transactions

MT Newswires Live03-10

AMTD IDEA (AMTD) said Tuesday it has signed a term sheet with FEC Property and FEC Finance under which it has agreed to buy an office building in London for about $24 million.

FEC Finance has also agreed to provide a five-year term loan of roughly $51 million, subject to adjustments, to AMTD IDEA to finance the office deal as well as AMTD IDEA's acquisition of the London Hornsey Town Hall project from Far East Consortium International, AMTD IDEA said.

The Hornsey project consists of a hotel property and town hall space, the company said.

The total amount for the deals is roughly $87.7 million, subject to net asset value adjustments, including about $24 million for the office deal, about $30.3 million for the hotel component of the Hornsey deal, and approximately $32.8 million for the town hall part of the Hornsey deal, AMTD IDEA said.

The deals are expected to be completed simultaneously in March, the company said.

Shares of AMTD were down 4% in mid-morning trading Tuesday.

Price: 0.96, Change: -0.04, Percent Change: -3.97

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