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PPHE Hotel Buys Freehold Interest In Site In London SE1 For £12 Mln

Hospitality real estate group PPHE Hotel Group Limited (PPH.L) announced Monday that it has acquired the freehold interest in a site located in London SE1. The company said it plans to develop the Site into a hotel, subject to planning permission being obtained.

The company said the site was acquired from a third party seller at a total investment of 12 million pounds, excluding taxes and associated costs. The deal was funded from the company's existing cash. The site is situated near to Park Plaza London Waterloo.

PPHE Hotel said the acquisition is aligned to its development strategy of targeting real estate in prime locations and attractive geographies with significant upside potential to drive growth and long-term value.

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