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Pandox CEO Anders Nissen. Photo: Sverrir Thór.
  • Pandox buys Glasgow hotel for 39 million GBP

    PUBLICERAD 2018-10-02 AV sverrirthor
    UPPDATERAD: 2018-10-02 21:30

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    Listed Swedish hotel property company Pandox has acquired the Radisson Blu Glasgow hotel in Scotland for 39 million GBP. The hotel is an addition to the company’s UK portfolio which now counts twenty hotels. According to a statement from Pandox, the deal will be financed with a combination of a new bank loan and existing credit facilities.

    Transfer of possession is expected to take place during 2018 and the hotel is expected to contribute to Pandox’ revenue for 2018 by approximately 150 million SEK and 20 million SEK in annualised cash earnings.

    “The acquisition of Radisson Blu Glasgow is industrially sound and meets all of Pandox’s acquisition criteria. The hotel is a full-service hotel in the premium segment with an attractive central location and a strong market position with demand from all segments. With the acquisition of Radisson Blu Glasgow, Pandox continues its expansion in the UK with yet another profitable hotel”, comments Anders Nissen, CEO of Pandox.

    The purchase amount corresponds to a yield of about 7 per cent.

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