Accor sells its stake in Mirvac Wholesale Fund and the Novotel/ibis Sanyuan in Beijing to A-HTRUST for a total amount of €110m
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Accor sells its stake in Mirvac Wholesale Fund and the Novotel/ibis Sanyuan in Beijing to A-HTRUST for a total amount of €110m
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Category: Asia Pacific - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2012-07-30
Accor partners with Ascendas in the creation of A-HTRUST, one of the largest publicly listed Hotel Investment Trusts in the Asia-Pacific region, with a 6.9% stake
As part of its asset-management strategy, Accor announces today the sale to A-HTRUST of two separate entities:
The 21.9% stake in Ascendas Australia Hospitality Fund, formerly known as Mirvac Wholesale Fund, that holds 7 properties, out of which 6 are operated by Accor in Australia and New- Zealand, sold for €56m. The purpose of sale had been announced with the Mirvac acquisition. The Novotel (305 rooms) and ibis (401 rooms) in Beijing Sanyuan, sold under a sale and management back contract(1) for a total amount of €54m.
“This operation highlights once again our capability to attract leading investors”, said Denis Hennequin, Accor’s Chairman and Chief Executive Officer. “After the successful acquisition of Mirvac in Australia & New-Zealand, we consolidate our presence in the Asia-Pacific region with an extremely well established partner, through an investment vehicle that will allow us to speed up both our expansion, but also our assetmanagement policy in the region”.
(1) The sale of the ibis Sanyuan in Beijing is subject to administrative authorizations applying in China.
About Ascendas
Ascendas is Asia’s leading provider of business space solutions with key markets in Singapore, China, India, South Korea and South East Asia (including Vietnam, Malaysia and Philippines). Based in Singapore, Ascendas has built a strong regional presence and serves a global clientele of over 2,400 customers. Ascendas specializes in developing, managing and marketing IT parks, industrial & logistics parks, business parks, science parks, hi-tech facilities, office and retail space. Its flagships include the Singapore Science Park, International Tech Park Bangalore in India, Dalian-Ascendas IT Park in China and Carmelray Industrial Park II in the Philippines. Ascendas provides end-to-end real estate solutions, assisting corporate customers through the entire real estate process. In November 2002, Ascendas launched Singapore’s first business space trust, the Ascendas Real Estate Investment Trust (A-REIT). In August 2007, the Ascendas India Trust (a-iTrust) was launched as Singapore’s first listed Indian property trust. The third listed fund. In July 2012, it launched its third trust, the Ascendas Hospitality Trust (A-HTRUST). Ascendas also demonstrated its strength in real estate fund management with a series of private real estate funds established across Asia.
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