|Leverages Strong Financial Position to Expand into Property Investment |
HONG KONG, May 27, 2022 - (ACN Newswire) - IBI Group Holdings Limited ("IBI" or the "Group"; Stock Code: 1547), an investment holding company which specialises in the built environment including subsidiaries providing contracting services, distribution of high-tech and innovative building products including energy-efficient lighting and air quality monitoring devices, has concluded the acquisition of strategic property investment in Dublin, Ireland ("Acquisition"), through its indirect subsidiary, IBI International Investment Holdings Limited ("IBI International Investment" or the "Company") at the consideration of approximately HK$113 million.
|IBI has acquired Adelaide Chambers within the heart of Dublin city centre's central business district for strategic investment purposes|
The Group has been looking in detail at a wide range of investment opportunities to generate stable cash flow and income. The Acquisition is a multi-tenanted period building located at Adelaide Chambers, Adelaide Square, Peter Street, Dublin 8, Ireland ("Property") within the heart of Dublin city centre's central business district, situated 400-metres West of St. Stephens Green. With a 4-storey over basement and modern 4-storey extension to its eastern side, the Property provides over 19,600 sq. ft. of commercial office space and 31 basement car parking spaces. The Group believes there is significant potential for capital appreciation of the Property in the future, as a result of property upgrading works and lease renewals.
Mr. Neil Howard, Chairman and CEO of IBI, said, "We have been exploring a wide variety of strategic investment opportunities that will bring significant added value to the Group and our shareholders. Leveraging our strong financial position, we believe the Acquisition is an excellent opportunity for IBI to enter the property investment sector in Ireland, one of Europe's major commercial and tourist centres. Given the economic importance of Dublin's central business district and the development prospects of the Property, we are confident and pleased that the Acquisition will generate an additional, stable stream of income for the Group.
About IBI Group Holdings Limited (stock code: 1547)
IBI Group Holdings Limited is a listed holding company on the Main Board of the Hong Kong Stock Exchange and the Group is principally focused on investments in the built environment. The core investment sectors of the Group include a building and fitting-out contractor, a business providing innovative and energy-efficient lighting and air quality monitoring products and, an investment entity looking at opportunities in property development and other built environment opportunities. The mission of the Group is to deliver premium products, services and customer experiences with a strong influence of innovation, sustainability and environmental sensitivity.
For more information, please refer to IBI's website: https://ibighl.com/.
Topic: Press release summary
Source: IBI Group Holdings Limited
Sectors: Construct, Engineering
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