U Completes an Agreement to Acquire Ordinary Shares in 2 Companies in Germany with ฿146m

U City Public Company Limited (U) has published a notification on the completion of entering into an agreement to acquire ordinary shares in companies in Germany and Switzerland on June 4, 2019, and it is expected to have a transfer of operating lease of the 2 hotels and pay the remaining purchase price within July 2019.

As a result, U has informed that on July 31, 2019, Vienna House Germany II GmbH (VHG II), which is a subsidiary in Germany in which U indirectly holds 100% of shares via Lombard Estate HoldingsLimited, which is a subsidiary in which U holds 100% of its total registered capital has been completed.

VHG II received transfer of ordinary shares in 2 companies in Germany, which are arcona 22. Hotelbetriebsgesellschaft mbH and arcona Bach 14 GmbH, under the terms and conditions in the Share Sale and Purchase Agreement dated April 30, 2019 between VHG II and arcona Management GmbH.

Moreover, VHG II paid the share purchase price in the amount of THB 146,134,167.84 to arcona Management GmbH and received the rights of operating lease of 2 existing hotels (total number of rooms is 183 room keys) consist of hotels under arcona brand and arcona Living brand, which is located in Germany.