Rowsley teams up with former Man U stars to develop hotel in Manchester

It will pay $6.89m for its share in the JV.

Mainboard-listed lifestyle real estate and investment company Rowsley has entered into a joint venture with former Manchester United football stars Gary Neville and Ryan Giggs to redevelop Manchester’s historic Northern Stock Exchange building into a boutique hotel.

The latest deal, the sixth in three months, is yet another move by Rowsley to expand its hospitality business.

In August, the company unveiled plans to buy 75% stakes in Hotel Football, Café Football, and hotel management firm GG Collection. Rowsley also said it was acquiring a 75% interest in the St Michael’s mixed used development project in Manchester’s city centre comprising residential, office, retail and a five-star hotel.

Rowsley will pay £3.2 million ($6.89 million) for its 50% share in Finestday Limited, the company that owns the Northern Stock Exchange building.

The acquisition will be funded by Rowsley’s medium term note (MTN) proceeds. The Group had raised $100 million in March this year under its MTN programme.

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