MARA Delta has concluded its first hospitality deal, acquiring the Tamassa Resort, located in Bel Ombre on the southwestern coast of Mauritius, through a sale and leaseback agreement. "We are very excited about this acquisition, our second in Mauritius and the first into a new asset class," said CEO Bronwyn Corbett. "The acquisition is expected to enhance our previously forecasted distributions. The lease is denominated in euro, reducing our currency risk." Broll Indian Ocean in August independently valued the property at $42.3m. Mara Delta will fund the purchase consideration, which is the euro equivalent of $40m, through the issue of Mara Delta ordinary shares to existing and interested new investors, as well as debt. "It is also important to note that we won’t take on any direct hospitality risk as the transaction is on a sale and leaseback basis under a 10-year fixed triple net lease, with the tenant obliged to fully repair, maintain and insure the property," Corbett said. Tamas...
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