1 Apr 2015 16:19
C H Bailey Plc
1 April 2015
Acquisition
C H Bailey Plc ("the Company" of "the Group"), the diverse group of businesses, with investments and operations around the world in Leisure, Property principally in Tanzania and Malta and a UK engineering business, is pleased to announce the acquisition of a residential property in Malta.
The property is a townhouse, situated in central Valetta on St. Charles Street. The property was acquired at a cost of Euro 585,000 and the acquisition was settled from the Group's own cash resources.
The property has existing planning consent, although the Group has requested an amendment and is currently reviewing the refurbishment budget. It is envisaged that the refurbishment will take approximately 18 months and the property is expected to open in late 2016 or early 2017 as a boutique hotel.
Commenting on the transaction, Mr Charles Bailey, Executive Chairman for the Group said:
"This investment enhances our property portfolio in Malta and continues the growth strategy for the Group going forward."
Further information:
Bryan Warren, Company Secretary
C H Bailey Plc
Tel: 01633 262961
Nick Ellis / Ciaran Walsh
Arden Partners plc
Tel: 020 7614 5900