MINT completes Mozambique investment

BANGKOK : Minor International Public Company Limited (MINT) announced the acquisition of 49% of Rani Minor Holding II Ltd, a joint-venture company with Rani Investment LLC, a Dubai investment firm.
Rani Minor Holding II Ltd. will own a hotel and mixed-use development project in Maputo, the capital city of Mozambique. The total investment in the project by MINT is approximately USD101 million.
The project in Maputo consists of a 154-key Radisson Blu Hotel, which is currently operational, together with a 187-key residential tower and approximately 20,900 sq.m. 21-storey office tower, both of which are under construction.
The Radisson Blu is currently one of the best performing hotels in Maputo. The residential project is expected to be completed by the end of 2015, the majority of which will be retained as rental units. The office project is also expected to be completed by the end of 2015 and will cater to pent-up demand for international-quality office space.
This project is the fifth property of MINT under collaboration with Rani Investment LLC in Mozambique, since the announcement of the 25% investment in Anantara Bazaruto Island Resort & Spa, and another three properties which will eventually be rebranded into AVANI Pemba Beach Hotel & Spa, Anantara Medjumbe and Anantara Matemo Island.
MINT chairman and group CEO, William E Heinecke, commented: “This strategic partnership with Rani Investment completes our expansion in Mozambique. With our presence in Maputo, we now have investments from the north all the way to the south of Mozambique. The investment reiterates our confidence in the growth prospects of Africa, and the confidence in our partner, Rani Investment.”

Sourced: ttrweekly