Serene Capital acquires Adina Apartment Hotel in Perth CBD - TravelDailyNews Asia & Pacific traveldailynews.asia - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from traveldailynews.asia Daily Mail and Mail on Sunday newspapers.
In breaking news, Boutique Fund Manager, Serene Capital, has taken ownership of the Adina Apartment Hotel Barrack Plaza, a 100-key hotel at 138 Barrack Street in Perth’s CBD. As of Wednesday, January 31, the hotel joined more than A$850 million assets currently under Serene Capital management.
<p><strong>TRANSACTION HIGHLIGHTS</strong>:</p>
<ul>
<li>NZX to acquire the management rights of QuayStreet (and its $1.6 billion in funds under management) from Craigs Investment Partners for upfront consideration of $31.25 million, to be satisfied by a $22.5 million cash payment and the issuance of $8.75 million of NZX shares (at a 10% premium to the five-day volume-weighted average price).</li>
<li>Potential earn-out consideration of up to $18.75 million, based on net FUM inflows from the Craigs network over a three-year period.</li>
<li>Product support and distribution agreement agreed as part of landmark deal.</li>
<li>Acquisition expected to have a full year equivalent operating earnings contribution of between $3.3 million to $3.6 million in FY23. This excludes transaction costs, internal and external integration costs (circa $4 million over two years), depreciati