CDL Hospitality REIT, through M&C REIT Management has entered into a share purchase agreement for the indirect acquisition of Cambridge City Hotel with a consideration of £62.5 million (approximately S$135.3 million).
Cambridge City Hotel is a purpose-built upper upscale hotel located in Cambridge, United Kingdom. It is conveniently located in Cambridge city centre, close to Cambridge railway station, popular tourist destinations, historic colleges and Cambridge’s largest shopping mall just adjacent to the property.
The acquisition is believed to be accretive to stapled security holders based on the pro forma financial effects of the acquisition. The acquisition also marks CDL’s first investment in Europe, to tap on UK’s strong hospitality outlook for 2015, with international tourist arrivals expected to hit a record 35.1 million.
Contributed by Shares Investment