Ringnes company buys hotels for nearly 4 billion

Investor Christian RingnesInvestor Christian Ringnes.Photo: Berit Roald / Scanpix

The company Pandox, which is controlled by Christian Ringnes, Helene Sundt and Christian Sundt, has signed an agreement with Invesco Real Estate for the acquisition of seven hotel properties in Europe.

Four of the hotel properties are located in Germany, two in Austria and one in the Netherlands, according to a press release from Pandox Friday morning, stated the newspaper Dagens Næringsliv.

The hotel portfolio was $ 3.79 billion and is expected to earn 140 million Swedish kronor in 2017.

Christian Ringnes controls 39.8 percent of the votes in Pandox, while Helene and Christian Sundt control 19.9 percent.

– The acquisition fulfills all of Pandox’s ‘strategic criteria in terms of size, location, market position and profitability, as well as helping to further diversify the income base, said the company’s chief Anders Nissen.


Source: NTB scanpix / Norway Today