IHL SHAREHOLDING
Redefine International increases stake in UK hotel group
Redefine International plc, the FTSE 250 income-focused UK Reit, has raised its stake in International Hotel Properties (IHL) to 74.1% from 58.9%, as it looks to expose itself further to a thriving UK hotel industry. It bought the additional shares in IHL from Redefine Properties, a major shareholder in Redefine International. CEO Andrew Konig said Redefine Properties did not want exposure to UK hotels and the group would instead invest more in Polish real estate. IHL has been delisted. The remaining 25.9% stake in IHL is held by hotel group Tsogo Sun. Redefine International has no further related investments with Redefine Properties. The deal will be settled through £7.5m cash and shares. This will result in Redefine Properties holding 29.62% in Redefine International. Redefine International CEO Mike Watters said the deal was opportunistic but also strategic. "This opportunistic acquisition enhances our exposure to nine limited-service UK hotel assets with strong trading records an...
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