Frasers Centrepoint subsidiary FCL Limited has acquired Spanish hotel company Teycotel BCN for 948,000 euros (approximately $1.3 million). Teycotel BCN is the owner of Hotel Porta Marina in Barcelona. It also holds all the shares in Teycotel Gestio Hotels, the operator of the hotel.
The Business Times reports that the purchase price took into account the net tangible asset value of Teycotel BCN as at March 31, 2014 of approximately 877,000 euros, and is payable in cash and funded from internal sources.
As part of the acquisition, Frasers Centrepoint, through a shareholder's loan to Teycotel BCN, has procured repayment of outstanding loans and debts owing by Teycotel BCN and Teycotel Gestio amounting to approximately 4.528 million euros.