The acquisition covers 16 office units measuring 19,139 sq ft on the 11th floor of Metropole Square in Sha Tin, together with four car parking spaces. The seller was listed company Alco Holdings, which manufactures and sells consumer electronic products in the Asia-Pacific region, according to a filing with the Hong Kong stock exchange on Wednesday night.
The premises currently serve as Alco’s office. The company marketed laptops under the Avita and Nexstgo brands, tablets under RCA and e-bikes under the Biomega label.
The purchase price was agreed following a valuation in October that estimated the property’s worth at about HK$88.68 million. The deal was expected to be completed in January, Alco said.
“The net proceeds will be used to repay the group’s bank borrowings and financial guarantees,” the company said. “The property is one of the pledged assets and the sale will allow the company to fully settle bank loans of HK$47.5 million, with the remaining balance applied to financial guarantees.”
