Hotel property company Pandox acquires The Midland Manchester, a British hotel in the upper premium segment.

This is stated in a press release.

Pandox will retain the property in Manchester while the operator operations will be transferred to partner Fattal.

The total transaction value amounts to approximately GBP 115 million, of which the value of the hotel property amounts to GBP 102 million, equivalent to approximately SEK 1,210 million. The acquisition is intended to be financed with a new bank loan and existing credit facilities.

The acquisition is to be completed in the fourth quarter of 2018 and is expected to contribute this year with the equivalent of approximately SEK 69 million in rental income and SEK 66 million in net operating income, measured on an annualized basis.

Source: finwire