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First Sponsor acquires Frankfurt Hotel in joint venture with CDL and Tai Tak
The acquisition, for S$135.9 million, is expected to be completed late this month or early next month
Add BT as a preferred sourcePublished Thu, Dec 7, 2017 · 09:50 PM
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Singapore
FIRST Sponsor Group Limited has taken the step to acquire the Le Méridien Frankfurt Hotel in Germany for about 85 million euros (S$135.9 million), in a move made in partnership with its key shareholders City Developments Limited (CDL) and Tai Tak Estates Sdn Bhd.
The mainboard-listed firm said on Thursday in a joint press release with CDL and Tai Tak that it has, through a joint venture partnership, entered into a sale-and-purchase agreement for the proposed acquisition.
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