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Qatar First Financial institution LLC (QFB) will present 20 million euros ($21 million) of Shariah-complaint financing to a Qatar consortium to buy 10.8 % stake in Ennismore, a global hospitality group.
The French motels group, Accor, which owns a majority stake in Ennismore, had on Tuesday mentioned it deliberate to promote the stake to the Qatari consortium for 185 million euros. The deal valued Ennismore at greater than 2 billion euros, it mentioned.
QFB mentioned in a submitting to the Qatar Inventory Market that the deal was prone to be closed within the second half of 2022 and was topic to the regulatory necessities
With the worldwide tourism and way of life restoration on observe, the time “is ripe for a daring transfer into the worldwide hospitality and tourism market that can additional cement Qatar’s strategic place as a key participant on this necessary sector,” Abdulrahman Totonji, QFB’s CEO, mentioned.
Ennismore is understood for Hoxton motels in London and New York and Mama Shelter rooftop bars in Paris. On completion of the transaction, Accor may have a 62.2 % stake in Ennismore, in accordance with a Reuters report. The remaining shares are held by Sharan Pasricha, founding father of Ennismore.
(Reporting by Brinda Darasha; enhancing by Seban Scaria)
brinda.darasha@lseg.com
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