Friday 20 November, 2020 TOP STORY Irish state fund to take stake in Staycity LATEST NEWS If you missed our last newsletter....check out the stories below
• Quest partners with Sony Foundation for young cancer patient support FEATURES VIDEOS/PODCASTS EDITOR'S COMMENT
• Staycity is ready to tackle 2021 with all guns blazing after a €70 million refinancing package has put it in a position to realise its ambitious European expansion plan, despite the stress it has been pout under by Coronavirus.
The move is a big vote of confidence in the company, especially as it includes a €33 million debt facility from OakNorth - which described Staycity as "a phenomenal business", as well as Ireland's state-owned ISIF fund taking a 13 per cent stake in the company.
Sovereign funds have been regular players at the top end of the hospitality and real estate sectors, with Singapore's GIC and numerous funds from the GCC countries acquiring assets around the world. ISIF's remit is to "invest on a commercial basis to support economic activity and employment in Ireland" but its stake in Dublin-based Staycity will clearly expand that objective to a wider geographical reach.
Norway's sovereign wealth fund is the biggest in the world, with £900 billion worth of investments in shares, bonds and property. It earned a record £140 billion in 2019, which is equivalent to £26,400 for every Norwegian citizen.
There was talk earlier in the year of the UK launching it's own sovereign fund - a £25 billion venture to invest in UK firms which are struggling due to the effects of the pandemic. The story seems to have gone quiet, but while there may be dithering in Whitehall, Staycity has not been sitting on its hands, signing an aparthotel in London for its Wilde brand, and signalling its intent to continue its growth.
Look out for a podcast featuring Staycity CEO Tom Walsh on SAN next week.
• Join me on December 1st for my 2021 trends webinar. I'll be talking to Olga Turner Baker, managing director of Ekkist; Adam Lowenthal, co-founder of Saxbury; and Andrew Harrington, partner at AHV Associates, about trends which I think will affect the sector next year.
The no-cost webinar, sponsored by Saxbury, will take place at 2pm GMT on Tuesday December 1st. Click here to register.
A written article detailing the trends discussed will be posted on Serviced Apartment News the same day. Click here to read our 2020 trends predictions.
• The next Urban Living webinar series will start in the new year. The first series attracted more than 5,000 real estate and hospitality professionals.
If you would like to be considered as a contributor for future webinars, please get in touch.
George Sell, editor
For more information and sponsorship/advertising Katie Houghton
Group head of sales: +44 (0)7535 135 116
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