Redefine International is a British real estate company listed primarily on the London bourse with secondary listing on the South Africa Stock Market. The real estate firm announced on Monday its acquisition of 40% holdings in BNRI Earls Court, a hotel operator based in Earls Court, London. According to Ventures Africa, the acquisition was valued GBP6.3 million.
The deal would be paid with the funds made from the latest share placement made by RI. BNRI is the owner of Holiday Inn Express Hotel, a 150-bedroom hotel in London. Furthermore, the deal would be funded by current co-investors from the RI’s subsidiary, Redefine Hotel Holdings. The co-investment by RHH’s investors would be on a pro-rata basis, reported Ventures Africa.
CEO Mike Watters of Redefine International said, “This, combined with our in-depth knowledge of the performance of this particular hotel and our on-going belief in the potential of this sector, supports our confidence that the transaction will deliver a high quality income to our investors.”
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