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Frasers completes acquisition of Dresden hotel for 62.5m euros

THE manager of Frasers Hospitality Real Estate Investment Trust (FH-Reit) on Wednesday said the trust has completed the acquisition of Germany's Maritim Hotel Dresden at a total cost of 62.5 million euros (S$95 million).

Excluding the acquisition fee to the Reit manager, the total cost of acquisition, including professional and other fees and expenses, comes up to about 62.5 million euros. This will be funded by the proceeds from the issuance of S$100 million fixed rate subordinated perpetual securities in FH-Reit announced on May 12. The acquisition fee will be paid in the form of stapled securities in Frasers Hospitality Trust (FHT), the Reit manager said.

Maritim Hotel Dresden is FHT's first hospitality asset in Germany as well as its first acquisition from a third party. It is a freehold, 328-room hotel located in Dresden's city centre.