Sri Lanka’s Selendiva calls for registration of investment brokers to develop hospitality assets
Daily FT: Selendiva Investments Ltd. has called for investment brokers to facilitate investors for the development of heritage properties and hospitality assets.
Stockbroking firms, investment consultants, investment banks and brokers are invited collectively for the registration of investment brokers, to refurbish and restore selected assets in the hospitality sector, which include the Grand Oriental Hotel (GOH), the York Building, Hilton Colombo and Hilton Sports Centre.
As per Finance Ministry sources, Selendiva aims to commence the restructuring process for heritage properties and assets in the hospitality industry under a Special Purpose Vehicle (SPV) – Selendiva Leisure Investments – by attracting investors and operational experts.
The prospective investment brokers should have a detailed profile of investment broker (corporate profile or detailed CV) and any notable transactions executed. The brokers will be paid professional fees on a tiered basis, based on successful introduction of viable investors. For investment up to Rs. 100 million a professional fee of 0.64%, and for investments above Rs. 100 million a fee of 0.20%. Interested investment brokers should submit their information on or before 14 February 2022.
The development of the over 150-year-old colonial heritage properties – GOH and York Building are part of the integral development in the proposed ‘Heritage Square’ in Colombo. This refurbishment project is expected to have 110 luxury rooms, five conference rooms and five food-and-beverage (F&B) outlets. The building will also have 26 high-street retail outlets and 30 branded residents/suites.
“The key objective of the initiative is to refurbish and restore York Building which houses the famed and historically renowned GOH, and to pay tribute to its former glory,” sources said.
Selendiva Investments Ltd. is a State-owned Enterprise (SOE) and has the Treasury Secretary of the Finance Ministry as the sole shareholder. It was formed in March 2020, following approval of the Cabinet of Ministers.
OSL take:
Sri Lanka is currently engaged in an aggressive development programme while also simultaneously promoting foreign investments to the country. The resilience shown by Sri Lanka’s economy to external and internal challenges through the years and the manner in which it faced the global Covid 19 pandemic have encouraged foreign businesses/investors to explore opportunities in Sri Lanka’s growing economy. The country’s key economic sectors showed a growth momentum despite pandemic challenges. Sri Lanka’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the ease of doing business environment have all helped boost the country’s image as an emerging business destination in the South Asian region.
| Article Code : | VBS/AT/25012022/Z_1 |