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In a bid to extend its global footprint in Germany, Frasers Hospitality Real Estate Investment Trust (FH-REIT) acquired its first hospitality asset within the country, Maritim Hotel Dresden, for S$96.5 million.
A heritage-listed building, Maritim Hotel Dresden (pictured) is a 328-room hotel located within the historical city centre of Dresden, the capital of the eastern German state of Saxony.
The freehold hotel sits right next to the State Parliament building overlooking the Elbe River. It is also near major tourist attractions such as the Dresden Zwinger Palace, Semper Opera House and Dresden Frauenkirche (Church of Our Lady).
In a filing to the Singapore Exchange on Wednesday (15 June), FH-REIT noted that Maritim Hotel Dresden is currently leased to Maritim Hotelgesellschaft mbH under a master lease.
“Save for the acquisition fee payable to the REIT Manager, the total cost of the acquisition, including professional and other fees and expenses, of approximately €62.5 million (approximately S$96.5 million) has been fully funded by the proceeds from the issuance of S$100 million fixed rate subordinated perpetual securities in FH-REIT which was announced on 12 May 2016,” it said.
The acquisition fee will be paid in the form of stapled securities in Frasers Hospitality Trust.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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