Kerry Properties will buy another interest of up to 60 per cent in Tregunter Towers I and II in Mid-Levels from Hongkong China for $1.01 billion, raising its stake in the residential towers to 75 per cent.
The proposed acquisition was made by Olsen Holdings, shortly expected to become a wholly owned subsidiary of Kerry, according to Hongkong China.
Hongkong China said that Kerry had submitted an application to the stock exchange for a listing and that the $1.01 billion consideration would be satisfied in part by the issue of 12 million Kerry shares.
Kerry is Olsen's guarantor in the deal.
Tregunter Towers I and II, at 14 Tregunter Path, includes 110 residential units and 112 car parking spaces.
Olsen already holds a 15 per cent interest in the twin towers and the recent purchase would raise its shareholdings to as much as 75 per cent when the deal was due for completion by August 31.