Pandox AB acquires hotel portfolio in Europe for approximately MSEK 4,100
Pandox has entered into an agreement with Invesco Real Estate to acquire seven hotel properties in Europe – four in Germany, two in Austria and one in the Netherlands – with a total of 1,744 rooms. The acquisition price amounts to MEUR 415, corresponding to approximately MSEK 4,100, on a debt free basis. The hotels are of very high quality, positioned in the upper full-service segment and operated by well-known hotel operators under long-term revenue-based lease agreements with good rental guarantee levels. The acquisition is fully financed by a new bank loan and existing credit facilities. The acquired portfolio is expected to contribute the equivalent of approximately MSEK 140 in cash earnings 2017.