CDL Hospitality Trusts to acquire luxury hotel in UK
It is eyeing to snap up the property for $94.1m.
CDL Hospitality Trusts is expanding its presence in the United Kingdom as it eyes acquiring a five-star luxury hotel in Manchester for GBP52.5m or around $94.1m.
According to OCBC Investment Research, the total acquisition cost of GBP 53.8m will be initially funded through a 100% offshore GBP-denominated debt financing.
Here's more from OCBC Investment Research:
Upon the completion of the acquisition, CDLHT’s gearing will increase from 36.8% to 39.1%.
On a pro forma basis, CDLHT’s FY16 DPU would have been 10.27 S cents instead of 10.00 S cents, a 2.7% increase. Pro forma FY16 NAV per stapled security would be 1.54 S cents instead of 1.55 S cents.