Partnership Provides Long Term Financing to Liberty Reit, to develop the ‘MIXED-USE DEVELOPMENT’ in Negombo, Sri Lanka.
The project will consist of 288 absolute beachfront apartments with a 200-key luxury Hotel.
SAN DIEGO--(BUSINESS WIRE)--ETHOS ASSET MANAGEMENT INC USA, announced a new long-term financing partnership with Liberty Reit, a Singapore registered company and Sri Lankan Hotel and Property Developer. Ethos and Liberty Reit have been working together closely in recent months structuring the overall investment with a significant capital infusion of $65 million USD, that will continue for several years.
Carlos Santos, President, and CEO of Ethos stated, “We are delighted to be partnering and supporting such a prestigious hotel and developer in Sri Lanka. We were impressed by the passionate and innovative entrepreneur, Michael Shanthikumar and honoured to be working alongside Michael as one of the most important and leading developers in Sri Lanka. This is a very exciting project with significant potential commercially, socially and economically. The revenue forecasts were based on forecasted independent valuations of sector sales. Liberty Reit have the option to sell complete or part of the development to investors in Singapore and Hong Kong for a value agreed during construction. The development will be listed in a Real Estate Investment Trust (REIT) in Singapore on completion. The project will be located in Negombo, a city outside of Colombo. This is mainly focused on the expansion of the Katunayake International Airport. This will be largely beneficial for people residing out of Colombo, since it will create over 1,000 employment opportunities, both direct and indirectly. Furthermore, an international hotel brand will immensely help Negombo and the surrounding areas to attract both locals and internationals. Ethos is proud to be part of this regeneration for the people and local businesses who will benefit from the construction phases and beyond for the long term.
I would also like to personally thank our UK Associates, Mike Starvis, CEO, Prestige Commercial Holdings Ltd., and his Asia based colleague James Young, COO, for introducing Ethos to Liberty Reit and for their immense support and skill in assisting the structuring of the deal to successful completion.”
Michael Shanthikumar, CEO, Liberty Reit, said, “We at Liberty Reit are excited to partner with Ethos for our upcoming absolute beachfront Mixed-Use Development in Sri Lanka. Carlos is an extremely talented individual who has come up with an impressive funding mechanism that would help developers like us to freely implement projects like this, with ease, which will in turn benefit not just us but the entire economy. We would also like to thank the team at Ethos and Mike Starvis at Prestige Commercial Holdings for helping us put this together.”
Mike Starvis, CEO, Prestige Commercial Holdings Ltd., said, “Prestige is delighted to work with Liberty Reit and Ethos on this milestone achievement and we look forward to working with both parties as we expand their projects and funding needs. We have built an excellent working relationship with the Ethos team and they are supporting us with our pipeline of projects from our clients and our network.”
About Ethos Asset Management:
Ethos Asset Management (Ethos) is an independent, US-based company with a global reach in resource mobilization and project financing.
For more information about Ethos Asset Management, please visit https://www.ethosasset.com/.
About Liberty Reit:
At Liberty REIT, we specialize in large scale mixed-use development projects, apartment projects and independent housing projects. Our expertise lies in high yielding property related investments delivering proven cash flow from day one, in areas with strong growth forecasts.
For more information about Liberty Reit, please visit: https://libertyreitgroup.com/
About Prestige Commercial Holdings Limited:
Prestige Commercial Holdings Limited has a prime focus on advising on commercial project finance on behalf of clients, business associates and partners. Prestige has an extensive and vastly experienced network across many business sectors and geographical locations accumulated over decades of experience.
For more information about Prestige Commercial Holdings Limited, please visit: