SET-listed property developer Charn Issara Development Pcl is looking at acquiring two hotels in the UK at a budget of 3 billion baht ($85.7 million) capitalising on pound depreciation dragging property prices, according to a report in Bangkok Post.

The firm is targeting properties with the size of 40 rooms each in the outskirts of London.

Chief executive Songkran Issara said, the acquisition would be made via Sri Panwa Hospitality Real Estate Investment Trust, in which Charn Issara and its subsidiary Charn Issara Residence Co together hold a 30.39 per cent stake.

Currently, the trust which has assets worth around 3 billion baht plans to boost the asset to 10 billion baht over the next five years. Two hotels, comprising Baba Beach Club Phuket and Baba Beach Club Hotel & Residence Cha-am Hua Hin with a combined value of 2.5 billion baht, will be sold to the trust next year.

The CEO said that it targets an increase in revenue in 2017 by 5-10 per cent from 3.41 billion baht last year. About 70 per cent of its revenue in 2016 was generated from residential projects and 30 per cent from office rents, hotels and services.

Since its establishment, Charn Issara has developed 50 properties worth around 50 billion baht.  Its backlog worth 2 billion baht will be recognized this year, he added.

Source link

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

About the author

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand, Australia ink economic MoU

With the help of this MoU, the two nations’ cooperation in areas such as green energy, the economy, sustainable food systems, tourism, health care, education, and e-commerce will be strengthened. It also aims to reduce carbon emissions.

Thai Airways drops to 46th position in 2022 Skytrax World Airline Awards

Qatar Airways has been voted the World’s Best Airline for a record seventh time at the 2022 World Airline Awards, winning the prestigious Airline of the Year 2022 title.

Inflation growth slows for 2nd consecutive month

Inflationary factors are starting to stabilize, with the Dubai crude price remaining under 100 USD per barrel. At the same time, the Thai baht remains within the predicted range