Raffles Education makes $39.8m maiden foray into Europe

It will establish a new school in Switzerland.

Mainboard-listed private education provider Raffles Education Corporation today revealed that it has made a $39.8m of a hotel and facilities, seven commercial units and a plot of land with teaching building and dormitories, in Nendaz, Switzerland.

The acquisition marks the group’s first entry into Europe, and will be used to establish a hospitality management school, a design school and a Swiss International Baccalaureate school.

The acquisition consists of a 12,000 sq m plot of land with two buildings, a brand new four-star-plus hotel, the Hotel Nendaz 4 Vallees and Spa and seven commercial units.

“This latest move is very much in line with our growth strategy. Over the years, the Group has built on its primary core business as a premier education provider to grow another two related core businesses – management of education assets and facilities and education-linked real estate investment and development,” stated Chew Hua Seng, Chairman and CEO of Raffles Education Corp.