30 March 2012 – acquisition
The company has announced that it has agreed to acquire the remaining 50% interests in, and related loans to, Park Plaza Amsterdam Airport, Park Plaza Victoria Amsterdam, Park Plaza Utrecht and art’otel amsterdam project which it did not previously own. These assets are being bought from a subsidiary of Elbit Imaging Limited for a consideration of €26.5m. We see this as a positive step which should drive further shareholder value into the business over the longer term and the shares remain a BUY.