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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases