China Real Estate Opportunities SA (CREO) said it has exchanged conditional contracts to acquire Xidan Centrepoint Shopping Centre, Office Complex and Hotel in Beijing for 243.1 mln stg or 3.743 trln yuan in a reverse takeover.

The deal is conditional on construction of the project being substantially complete and on CREO shareholder approval.

Xidan Centrepoint is located in one of Beijing's busiest shopping and commercial streets, known as Xidan. The street runs 1 kilometre directly west of the Forbidden City and Tiananmen Square and 1 km directly to the east of the Financial Street district. The property is less than 100 metres north of Xidan underground railway station.

Xidan Centrepoint covers 16,073 square metres and will when complete have a total floor area of some 194,949 square metres over 19 floors. It is already being built and is expected to be completed by Dec 2007.

The consideration will be paid in stages as title to the property is acquired and as the property is completed and leased out. CREO will pay a deposit of 12.2 mln stg or 188 mln yuan.

As the acquisition will be a reverse takeover under the AIM rules, it is expected that the shares in CREO will remain suspended until the acquisition has been approved.

Source:佚名