Redefine Properties International announced on Tuesday that its subsidiary, Redefine Hotels Reading, had concluded an agreement with Pedersen to acquire the Caversham Hotel Thames Side Promenade Reading and the leasehold on which the hotel is situated for £12.75 million.

Redefine said the transaction was in line with its objective of increasing its presence in the UK hotel market and was expected to be earnings-enhancing for linked unit holders in the medium to long term.

Source: I-Net Bridge