Vision Care to buy former Colombo Pharmacy land for Rs. 1 billion

Vision Care Optical Services Ltd. is to acquire the former Colombo Pharmacy land and buildings at Union Place for Rs. 1 billion.

Colombo City Holdings Plc, a subsidiary of Lanka Century Investments Group (GREG), said it has entered into a sales agreement to divest 66.81 perches together with the building standing thereon, being part of land and buildings owned by the company at Union Place for Rs. 1 billion to Vision Care Optical Services Ltd.

Vision Care, which celebrated its silver jubilee in April, is the market leader in eye care and hearing solutions in the country with fully-qualified professionals who conduct comprehensive eye examinations using state-of-the-art equipment to establish one’s eyesight and eye health at 41 outlets countrywide. Its corporate office and main outlet is located along Ward Place, close to the Colombo Pharmacy building. 

In October 2015, Colombo City Holdings said it was exploring offers from prospective parties to dispose of the land and building. The impending transaction constitutes a major transaction hence Colombo City Holdings will convene an Extraordinary General Meeting for shareholder approval.  In the financial year 2015/16, the company valued freehold land and buildings (117.75 perches of land at Union Place inclusive of two buildings) at Rs. 1.3 billion.