Mara Delta expands in Mauritius with stake in hotel assets
Mara Delta, the pan-African property fund, is set to obtain exposure to three hotels in Mauritius with triple net euro-denominated leases, as it looks to provide strong consistent dividends for its investors. Mauritian hotel manager New Mauritius Hotels, trading as Beachcomber Hotels, will own 55% and Mara Delta will own 45% of an entity that will hold the hotels. New Mauritius is one of the 10 largest listed companies on the Stock Exchange of Mauritius. "The deal will bring our exposure to Mauritius to 24%. It is exciting for us, as it includes a parent company guarantee, which gives us security. The leases are also 15-year euro-denominated leases and the assets have been acquired at a euro property yield just under 8%. This is while we are financing the deal at about 3.75% from a Mauritian bank," said Mara Delta CEO Bronwyn Corbett. She said she expected to receive annual escalations of between 1% and 2% on the leases. "There are various kickers here which make the deal attractive...
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