Pandox AB (publ) has today completed the legal reorganisation regarding the previously communicated portfolio acquisition in the UK and Ireland, whereas Pandox, according to plan, retains 20 investment properties and one operating property, and ownership of all other hotel operations are transferred to Fattal Hotels Group. In connection with the completion a loan from Fattal Hotels Group of MGBP 120 has been set-off.
Revenue-based lease agreements of 25 years, with minimum guaranteed rent, for the 20 investment properties have also come into force with Fattal Hotels Group.
FOR MORE INFORMATION, PLEASE CONTACT:
Anders Nissen, VD, +46 (0) 708 46 02 02
Liia Nõu, CFO, +46 (0) 702 37 44 04
Anders Berg, Head of Communications and IR, +46 (0) 760 95 19 40
The information was submitted for publication at 12:30 CEST on 31 August 2018.
Pandox is a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Pandox’s hotel property portfolio currently comprises 143 hotels with approximately 31,600 hotel rooms in 15 countries. Pandox’s business is organised into Property management, which comprises hotel properties leased on a long-term basis to market leading regional hotel operators and leading international hotel operators, and Operator activities, which comprises hotel operations executed by Pandox in its owner-occupied hotel properties. Pandox was founded in 1995 and the company’s B shares are listed on Nasdaq Stockholm. www.pandox.se