Mara Delta today announced the introduction of the National Pension Fund Mauritius (“NPF”) as a key investor. The NPF will invest US$12.84 million through a non-redeemable preference share issue at a coupon rate of 6.25% per annum.
Proceeds from the transaction have been allocated exclusively to fund the acquisition of the Tamassa Resort in Mauritius from Néréide Limited, a wholly-owned subsidiary of Lux Island Resorts Limited.
The resort is currently under transfer and is expected to contribute to the Group’s income with effect from 1 April 2017.
Mara Delta earlier today informed shareholders that it is in the process of setting up a subsidiary with the primary objective of investing into properties with triple net, long-term leases in the hospitality sector, focusing on the Indian Ocean islands, including Madagascar, Seychelles and Mauritius.
The subsidiary is expected to apply for a listing of its preference shares on the Official Market of the Stock Exchange of Mauritius Ltd in due course.
The investment by Pension Fund Mauritius and the listing of a specialist subsidiary underscores Mara Delta’s commitment to the island’s economy and growth.