Metro Holdings to acquire stake in two Manchester sites
Published on Jul 2, 2014 9:43 PM
SINGAPORE - Retail and property firm Metro Holdings is entering the British real estate game with a joint venture to develop two sites in Manchester.
The firm will pay 5.7 million pounds to British developer Scarborough Group International for a 25 per cent stake in Scarborough Real Estate, which owns the plots in the English city, Metro said on Wednesday.
Separately, Hong Kong-listed Top Spring International Holdings has also acquired a 25 per cent stake in SRE and will build mixed developments on the land in Middlewood Locks and Miliners Wharf with Metro.
Metro said the investment will enable it to broaden its revenue streams and extend its property interests beyond the region and China, where it has malls.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!