Mandarin Oriental International has signed an option to sell its interests in two retail units adjoining Mandarin Oriental, Paris to Lavender Propco SNC for EUR148 million ($215 million).
Mandarin Oriental is a member of the Jardine Matheson Group, while Lavender Propco is an entity controlled by Blackstone Europe.
The proceeds will be applied towards Mandarin Oriental’s general development strategy. The company purchased the building containing the retail units and hotel in 2013 and divided them into separate titles before selling the hotel to Statuto Group for EUR205 million on April 29.
Completion of the sale of the retail units is expected to take place on or after June 30.
Shares in Mandarin Oriental closed 1 cent lower or 0.57% down at US$1.74.
