Fragrance Group acquires hotel in UK for £7.6m

REAL estate company Fragrance Group Limited has incorporated Fragrance UK-Torquay Limited in the United Kingdom as a wholly owned subsidiary.

In a Singapore Exchange filing on Friday, it said that The Palace Hotel located in Torquay has a purchase consideration of £7.6 million (S$13.57 million).

It added that Fragrance UK-Torquay is principally engaged in the activity of a property investment holding company and has an initial paid up capital of £1 million.

The 141-bedroom property offers conference and event space catering for up to 1,000 delegates.

The acquisition of the hotel is not expected to have a material impact on the net tangible assets or earnings per share of the company for the current financial year ending Dec 31, 2017, Fragrance Group said.