Hotel Properties boosts ageing portfolio with $225.25m purchase of London freehold property

The purchase will be completed by the end of the year.

Mainboard-listed Hotel Properties Limited yesterday revealed that it is purchasing a freehold property in London for $225.25m (GBP 111m), with the intention of redeveloping the property.

HPL has entered into a 70:30 JV with Anchorage View Pte Ltd, which is also owned HPL’s controlling shareholders. The purchase is expected to be completed by the end of the year.

According to OSK DMG, HPL and its JV partner intend to, subject to planning permission, re-develop the property. In the event that permission is granted for re-development, the vendor, Royal Mail Group, will be entitled to a further GBP20m in consideration.

Here’s more from OSK DMG:
HPL has a diverse portfolio of hospitality assets across Asia. The group is also stepping up its investments in overseas markets to further build up recurring income and a development pipeline.

HPL has the highest concentration of prime, commercial real estate in Orchard Roadand we believe that the group will look to redevelop its ageing assets following a recent buyout offer by its major shareholders. We believe the stock is worth SGD6.00-8.00 under a re-development scenario.

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