Paradise buys warehouse properties for HK$128.5m

Paradise Entertainment said one of its units has agreed to buy warehouse space in Macau for HK$128.5 million ($16.4 million) to reduce rental costs.

The company said the purchase will be made in cash and it paid a deposit of $2 million on signing the provisional sale and purchase agreement. The deal is scheduled for completion by October 15th.

In a filing with the Hong Kong Stock Exchange, Paradise said it has been leasing properties in Macau to store its inventory of electronic gaming machines, spare parts and equipment.

“The directors consider that the acquisition provides an excellent opportunity for the group to reduce ongoing rental payments for the inventory storage.,” it said.