Redefine International: Edinburgh hotel bought for £25.27m

REDEFINE International had acquired the Doubletree by Hilton Hotel in Edinburgh’s city centre for £25.27 million (R459m), the listed property company with a primary listing on the London Stock Exchange and a secondary listing on the JSE’s main board said yesterday. The acquisition included the separate heritable title of The Chanter public house, located on the ground and basement floors of the property. It would initially be funded by existing cash resources held by Redefine International and in due course be housed in its 71.05 percent-held subsidiary, Redefine Hotel Holdings, which is financed by Aareal Bank. Mike Watters, the chief executive of Redefine International, said the transaction was structured on a conditional basis subject to a no vote in the Scottish referendum. “Now that the uncertainty surrounding this has been removed we are very pleased to have secured this opportunistic investment in the city of Edinburgh which complements our existing hotel portfolio and plays well to the management skills of Redefine BDL Hotel Group,” he said. The share price gained 1.59 percent to close at R9.60 on the JSE yesterday. – Roy Cokayne