DATAPULSE Technology said on Wednesday that it is acquiring a 15 per cent stake in the Holiday Inn Express Euljiro hotel in Seoul for 8.6 billion won , in a joint venture deal with Bizcentre Capital.
REF Trust is a real estate fund wholly-owned by the Military Mutual Aid Association, a retirement savings fund in South Korea holding the outstanding beneficiary certificates of the trust. Established in the Republic of Korea, the trust is a collective investment vehicle with Korean Investment Management Co as quality asset manager and KB Kookmin Bank Co as the trustee.Datapulse's estimated 8.6 billion won in total acquisition costs comprises 4.
Moreover, the hotel is currently operated by a local hotel operator under the Holiday Inn Express brand through a franchise agreement. Datapulse said that this may provide the group with upside potential when the franchise agreement is converted to a full hotel management arrangement. Thus, capital contributions in relation to the deal will be borne by KPH Top and Bizcentre Capital in the agreed proportion of 15:85 respectively.
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