Frasers Centrepoint buys Barcelona hotel for $1.6m

SINGAPORE - Property developer Frasers Centrepoint has acquired a hotel in Barcelona in Spain for 948,000 euros (S$1.6 million), it said on Friday.

A unit of the Singapore-listed developer, FCL (Fraser), has bought over Teycotel BCN, which owns Hotel Porta Marina and the hotel's operator Teycotel Gestio Hotels.

Teycotel BCN's net tangible asset value was about 877,000 euros as at March 31, Frasers Centrepoint said in a statement.

As part of the deal, Frasers Centrepoint has also given Teycotel BCN a shareholder's loan to repay its debts of about 4.5 million euros.

The acquisition is not expected to have a material effect on Frasers Centrepoint's net tangible assets per share or earnings per share for the current financial year.