First Sponsor associate acquiring Dutch heritage hotel brand

Singapore

FIRST Sponsor Group, through a 33 per cent owned associated company, is acquiring Queens Bilderberg (Nederland).

Under the purchase, for an aggregate cash consideration of 171.4 million euros (S$270.2 million), the property will be 95 per cent owned by the associate, FSMC NL Property Group BV, and 5 per cent owned by the Event Hotel Group.

Queens Bilderberg (Nederland) is a Dutch heritage brand with a portfolio of 17 hotels across the Netherlands.

First Sponsor, a mainboard-listed property developer, said that the acquisition marks an opportunity to purchase "multiple quality properties", including properties with good capital appreciation potential i…