CapitaLand buys Dublin hotel for 55.1m euros

REAL estate company CapitaLand has acquired the 136-unit Temple Bar Hotel in Ireland for 55.1 million euros (S$83.6 million).

The hotel, which is located in the Temple Bar district in the city centre of the Irish capital Dublin, is the sole major asset of Sabden Limited, a company incorporated in Ireland, said CapitaLand in a release on Friday morning.

It was acquired by CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, through a purpose-built wholly-owned subsidiary Ascott Operations Eight Limited.

For the purchase, Ascott Operations Eight had acquired the entire issued share capital of Sabden for a cash consideration of 31.3 million euros from parties unrelated to CapitaLand. This thereby turns Sabden into a wholly-owned subsidiary of CapitaLand.

"Ascott's entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travellers," said Lee Chee Koon, Ascott's chief executive officer.

"The acquisition will boost Ascott's 1.2 billion euro portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020," he added.

CapitaLand's share price fell by 1.3 per cent, or 4 Singapore cents, to close at S$3.040 on Thursday.