LRI announces plans to sell Alexandra Holdings for Rs. 563 m

Lanka Realty Investments PLC (LRI) has announced plans to sell its fully owned subsidiary, Alexandra Holdings Ltd., for Rs. 563 million.

It said the subsidiary entered into an Agreement on 12 July 2023 for the sale of its property at No.18, Alexandra Road Colombo 6, together with the six housing units standing thereon for a total consideration of the rupee equivalent of 2.3 million Canadian dollars.

The move is subject to the fulfilment of the conditions precedent, the sale is to be completed within 21 days of the fulfilment of the condition precedent or on or before 11 January 2024, whichever is earlier or such other date as may mutually be agreed upon in terms of the said Agreement.

LRI said a further announcement will be made upon completion of the sale.