Brief: Pandox Acquires Seven Hotel Properties In Germany For MEUR 290

Pandox AB

22/11/2019 04:59

Nov 21 (Reuters) - Pandox AB  PANDXb.ST :
    * PANDOX ACQUIRES SEVEN HOTEL PROPERTIES IN GERMANY FOR MEUR
290
    * AN AGREEMENT TO ACQUIRE SEVEN HOTEL PROPERTIES WITH A
TOTAL OF
1,532 ROOMS IN GERMANY FROM HR GROUP
    * ACQUISITION IS EXPECTED TO BE FINANCED BY LIQUID FUNDS AND
NEW
BANK LOAN
    * HOTELS EXPECTED TO CONTRIBUTE APPROXIMATELY MEUR 16.5 IN
RENTAL
INCOME AND MEUR 16.4 IN NET OPERATING INCOME, ON AN ANNUALISED
BASIS
    * PANDOX - ACQUISITION OF HOTEL PROPERTIES MADE BY INDIRECT
ACQUISITION OF SHARES IN COS WITH UNDERLYING PROPERTY VALUE OF
MEUR 290 ON DEBT FREE BASIS
    * SELLER IS HR GROUP WHICH ALSO REMAINS AS A MINORITY OWNER
WITH
5.1 PERCENT
    * PANDOX AND HR GROUP HAVE AGREED ON A JOINT INVESTMENT
PROGRAMME
OF MEUR 20, OF WHICH PANDOX'S SHARE AMOUNTS TO MEUR 15

Source text for Eikon:  ID:nWkrbv7r3v 
Further company coverage:  PANDXb.ST 

 ((Reuters.Briefs@thomsonreuters.com;))