Dawn Properties is set to acquire 50 percent of Makasa Sun Hotel property in Victoria Falls from Barclays Bank of Zimbabwe while negotiations are ongoing for the other half from Barclays Pension Fund. The property is trading under African Sun's Kingdom Hotel. Barclays Bank last week announced that it had sold its 50 percent stake in Makasa Sun. In a statement, Barclays Bank said that Dawn Properties will pay $7 500 000 within 30 days of concluding on the conditions precedent from which selling costs shall be paid.
The balance is to be paid in instalments over a period of up to 12 years on interest charges which will be reviewed annually in reference to an agreed interest rate benchmark. Currently the majority of the Dawn Properties' portfolio is in hotel properties which are operated by African Sun Limited.
Source: Dawn Properties to Acquire Makasa Sun Hotel (29/02/2016)
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