The acquisition of the additional stake comes after Metro acquired a 25% stake in Scarborough Real Estate Limited, which was subsequently renamed as Fairbriar Real Estate Limited. According to Metro, the acquisition is in the ordinary course of its business and is in line with the group’s intention to enhance its presence in the UK.
Mainboard-listed Metro Holdings (SGX:M01
) has increased its stake in Fairbriar Real Estate Limited to 50% from 25% previously.
On Nov 1, Metro announced that its direct wholly owned subsidiary, Sun Capital Assets Pte. Ltd., entered into a sale and purchase agreement (SPA) with an existing joint venture (JV) partner to acquire the additional 25% stake for GBP18 million ($31 million). The consideration comprises the purchase of shares for GBP10.9 million and the assignment of shareholders’ loan and its accrued interest of around GBP7.1 million as at Sept 30.
