Peter Lim-linked firm in S$440m city centre project with ex-Man Utd stars

Peter Lim-linked firm in S$440m city centre project with ex-Man Utd stars

Located on a 1.43-acre site, the project will comprise a five-star hotel, luxury apartments, office space, restaurants and bars, and two new public squares.

SINGAPORE: A firm controlled by Singapore billionaire Peter Lim is investing in a £200 million (S$440 million) mixed-use property project in the United Kingdom, with former Manchester United stars Gary Neville and Ryan Giggs as minority partners.

Rowsley, a Singapore-listed real estate company, said on Thursday (Aug 27) it will pay around £40 million (S$88 million) to acquire a 75 per cent stake in St Michael Investments, a company set up to develop the project in Manchester's city centre.

Located on a 1.43-acre site, the St Michael’s project will comprise a five-star hotel, luxury apartments, office space, restaurants and bars, and two new public squares. The gross development value is estimated at £200 million.

Beijing Construction Engineering Group will own 21 per cent of St Michael Investments, while Mr Neville and Mr Giggs will each own two per cent.

Rowsley also said it has agreed to buy a majority stake in a hotel overlooking the home ground of UK football team Manchester United.

The Singapore-listed firm will pay £29.1 million (S$64.1 million) for a 75 per cent shareholding in Hotel Football, a 133-room boutique hotel located across the Old Trafford stadium, Café Football, a 120-seat restaurant in east London, and GG Collections, a hotel management company that manages Hotel Football and Café Football.

The stakes will come from Mr Lim, a controlling shareholder of Rowsley, Mr Neville, Mr Giggs, and their “Class of 92” cohort - Paul Scholes, Nicky Butt and Philip Neville.

Hotel Football opened in March 2015 and its facilities include a 185-seat football-themed café, a rooftop football pitch, the Old Trafford Supporters’ Club in its basement, and conference rooms including a suite that offers a good view of the stadium.

Manchester is one of UK’s largest cities outside of London, with a population of over 2.5 million. It is also home to Manchester United and Manchester City, two of the world’s biggest football clubs in revenue terms.

Source: CNA/dl