CDLHT Acquisition Spree Continues; Also Announces SGD 255 Million Rights Issue
City Development Hospitality Trust, or CDLHT, continues its hot pursuit of international hotels by acquiring a 94.9% stake in Pullman Hotel in Munich, Germany, for EUR 98.9 million, or SGD 153.8 million. This is on the back of the Lowry Hotel acquisition in Manchester, United Kingdom, last month. The acquisition will be fully funded by debt, but the trust is undertaking a fully underwritten 1-for-5 renounceable rights issue of SGD 255.4 million to repay existing, more expensive debt. The rights ...CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT) and its subsidiaries and CDL Hospitality Business Trust (HBT) and its subsidiaries. HBT is a business trust managed by M&C Business Trust Management Limited. The principal activity of H-REIT and its subsidiaries is to invest in income producing real estate and real estate related assets, which are used for hospitality and hospitality related purposes. As at Dec. 31, 2014, Co. had a portfolio of 4,709 hotel rooms in the Asia Pacific, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand, two resorts in Maldives and two hotels in Japan.
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