First Sponsor back in black, acquires two hotels in Amsterdam for $60m

Visual from the IVG website

Mainboard-listed property group First Sponsor said it had registered a profit of S$10.73 million in the first quarter, 2015, as against a loss of S$9.18 million during the corresponding period last year. The company also announced that it had entered into a deal with German institutional real estate fund – IVG Institutional Funds GmbH – to buy two hotels in Amsterdam, Netherlands.

First Sponsor will pay 54.6 million euros (S$78.8 million or $60 million) for the two hotels – Holiday Inn and Holiday Inn Express, which also comes with 509 carpark lots.

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