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Asia Pacific’s largest private education provider, Raffles Education Corporation announced Thursday (18 September) the acquisition of a brand new four-star-plus hotel, seven commercial units, and a land with two buildings in Nendaz, Switzerland valued at CHF 29.12 million (approximately S$39.8 million).
Specifically, the group has acquired the 62-room Hotel Nendaz 4 Vallees and Spa (pictured), seven commercial units located on the ground floor of the hotel complex, and 129,166-sq ft land with two existing buildings with teaching rooms and dormitory facilities.
Following the acquisition, the group will establish a hospitality management school, a design school and a Swiss International Baccalaureate school, marking its maiden entry into Europe.
According to the release, the expansion into Europe is in line with RafflesEducationCorp’s progressive morphing into a Group with three related businesses that will drive its future growth as a premier private education provider, a management of education assets and facilities, and education-related real estate investment and development.
The consideration for these acquisitions was arrived at on a “willing-buyer willing-seller basis”. RafflesEducationCorp will fund the purchases through a combination of bank borrowings and internal resources, the group said.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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