Shore Capital Group’s Puma funds have completed their first acquisition – the Cadbury House hotel and country club in Congresbury, Bristol.
The two funds have invested a total of £1.2m in the hotel as part of a £12.25m development to build a leisure and fitness centre, a 50-bedroom hotel wing and a refurbishment of existing conference and banqueting facilities.
The existing gym at the property will be replaced with a 25,000 sq ft state-of-art building, with the aim of boosting membership to 3,000 by 2008.
In addition to the Puma VCTs’ investment, the project will be financed by an £8.25m loan facility provided by Allied Irish Bank and mezzanine debt and equity from five other VCTs, syndicated by Shore Capital Stockbrokers Limited.
Cadbury House, originally constructed as a private residence in 1790, sits in 14-acres of freehold land, located midway between Bristol and Weston-super-Mare.
References: EGi News 08/06/05
