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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.