Friday Nov 15, 2024
Friday Nov 15, 2024
Saturday, 11 December 2021 00:27 - - {{hitsCtrl.values.hits}}
Ethos Management Inc. – USA yesterday announced a new long-term financing partnership with Liberty Reit, a Singapore registered company and Sri Lankan hotel and property developer.
Ethos and Liberty Reit have been working together closely in recent months structuring the overall investment with a significant capital infusion of $ 65 million, which will continue for several years.
Ethos President/CEO Carlos Santos said: “We are delighted to be partnering and supporting such a prestigious hotel and developer in Sri Lanka. We were impressed by the passionate and innovative entrepreneur Michael Shanthikumar and honoured to be working alongside Michael as one of the most important and leading developers in Sri Lanka.
“This is a very exciting project with significant potential commercially, socially and economically. The revenue forecasts were based on forecasted independent valuations of sector sales.”
Liberty Reit have the option to sell complete or part of the development to investors in Singapore and Hong Kong for a value agreed during construction.
The development will be listed in a Real Estate Investment Trust (REIT) in Singapore on completion.
The project will be located in Negombo, a city outside of Colombo. This is mainly focused on the expansion of the Katunayake International Airport. This will be largely beneficial for people residing out of Colombo, since it will create over 1,000 employment opportunities, both direct and indirectly. Furthermore, an international hotel brand will immensely help Negombo and the surrounding areas to attract both locals and internationals. Ethos stated they were proud to be part of this regeneration for the people and local businesses who will benefit from the construction phases and beyond for the long-term.
“I would also like to personally thank our UK Associates, Prestige Commercial Holdings Ltd. CEO Mike Starvis, and his Asia-based colleague COO James Young, for introducing Ethos to Liberty Reit and for their immense support and skill in assisting the structuring of the deal to successful completion,” Santos said.
Liberty Reit CEO Michael Shanthikumar said: “We at Liberty Reit are excited to partner with Ethos for our upcoming absolute beachfront Mixed-Use Development in Sri Lanka. Carlos is an extremely talented individual who has come up with an impressive funding mechanism that would help developers like us to freely implement projects like this, with ease, which will in turn benefit not just us, but the entire economy. We would also like to thank the team at Ethos and Mike Starvis at Prestige Commercial Holdings for helping us put this together.”
UK-based Prestige Commercial Holdings CEO Mike Starvis said: “Prestige is delighted to work with Liberty Reit and Ethos on this milestone achievement and we look forward to working with both parties as we expand their projects and funding needs. We have built an excellent working relationship with the Ethos team, and they are supporting us with our pipeline of projects from our clients and our network.”
Ethos Asset Management (Ethos) is an independent, US-based company with a global reach in resource mobilisation and project financing.
Singapore-based Liberty Reit specialises in large-scale mixed-use development projects, apartment projects and independent housing projects. Its’ expertise lies in high-yielding property-related investments delivering proven cash flow from day one in areas with strong growth forecasts.
Prestige Commercial Holdings has a prime focus on advising on commercial project finance on behalf of clients, business associates and partners. Prestige has an extensive and vastly experienced network across many business sectors and geographical locations accumulated over decades of experience.
