Singapore property firms are busy expanding and consolidating their portfolio of overseas properties.
GL Limited halts London hotel sale
GL Limited, formerly known as GuocoLeisure, has suspended discussions regarding the sale of its Thistle Kensington Gardens Hotel in London.
In November 2015, the firm said, subsidiary, GLH Hotels Group, was exploring the prospects for a sale of GLH’s shares in the owner and the operator of the Thistle Kensington Gardens Hotel.
However, following what the company termed as “careful consideration’ in a filing, GLH has discontinued the sale process. The hotel has 175 rooms and was recently valued at £42 million ($59.3 million), according to an RHB Research note.
Yanlord Land acquires Shenzhen subsidiary
Yanlord Land Group, through its mainland Chinese subsidiaries – Nanjing Renyuan Investment Co. and Yanlord Land (Shenzhen) Co, has acquired a Shenzhen property developer for a consideration of RMB300 million ($45.9 million).
Shenzhen Huarong Innovation Investment Co will see Nanjing Renyuan hold 99 per cent stake while Yanlord Land (Shenzhen) will hold the remaining 1 per cent stake. Shenzhen Huarong Innovation Investment has a registered capital of 45 million yuan. According to a filing, its net tangible asset (NTA) value was estimated at RMB42 million ($6.42 million), as at 26 January 2016.
Heeton-led consortium grows UK hotel footprint
Heeton Holdings, KSH Holdings, Lian Beng Group and Ryobi Kiso Holdings have acquired two hotels in the UK – Ibis Budget Bradford and Ibis Hotel Gloucester. Financial terms of the acquisition were undisclosed.
Ibis Budget Bradford has 86 bedrooms and is close to Bradford’s centre while Ibis Hotel Gloucester maintains 127 bedrooms in Gloucester City, a tourist destination that enjoys a strong visitor-driven economy. International French hotel operator Accor manages both properties.
Heeton holds 55 per cent in the consortium with other participants KSH, Lian Beng and Ryobi Kiso having 15 per cent each.
Marking their third and fourth ventures in the UK, this follows a maiden acquisition in Hammersmith, London in March 2015, as well as the acquisition of a mixed development site near Leeds City Centre in July 2015.