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Rowsley invests in redevelopment of UK boutique hotel through JV
ROWSLEY has entered into a joint venture to invest and redevelop a building into a boutique hotel in the UK.
The firm said on Tuesday that it is investing about £3.2 million (S$6.8 million) for a 50 per cent stake in Finestday Limited, a joint venture company also owned by Gary Neville, Ryan Giggs, Sherborne Corporate Services Limited and Kenilworth Consultants Inc.
Finestday Limited owns the Northern Stock Exchange building in Manchester in UK, which will be extensively renovated to become a boutique hotel with restaurants, rooftop bar and other amenities.
Rowsley's board said it believes the joint venture is beneficial to the firm, and is in line with its business as a multi-disciplinary lifestyle real estate company.
The transaction is not expected to have any material impact on the firm's net tangible assets and earnings for the year ending Dec 31, 2015.