CR Hotel Target Pty Ltd entered into an agreement to acquire Hotel Mercure Brisbane and Hotel Ibis Brisbane from CDL Hospitality Trusts (SGX:J85) for AUD 77 million on December 22, 2017. The consideration will be paid in cash. A deposit of AUD 3.9 million will be made on December 22, 2017 and the remaining consideration will be paid in cash upon the completion of the divestment. The transaction is expected to close in January 2018. CDL Hospitality Trusts will use the proceeds to repay existing borrowings; part of proceeds will also be used to make distributions to holders of CDL Hospitality Trusts stapled securities in year 2018 to mitigate the net effect of the divestment on CDL Hospitality Trusts distributable income and to fund future acquisitions if opportunities arise in the short term. Pro-Invest Group acted as real estate advisor for CR Hotel Target Pty Ltd. CR Hotel Target Pty Ltd completed the acquisition of Hotel Mercure Brisbane and Hotel Ibis Brisbane from CDL Hospitality Trusts (SGX:J85) on January 11, 2018.