Local fund manager Tyche Capital has bought the 112-room Veriu Central Hotel in Sydney
112-key Veriu Central sold on leaseback to Veriu
Tyche apparently attracted to strong yield profile
Proceeds to be funnelled into Veriu's development projects in Sydney and Melbourne
Local fund manager Tyche Capital has bought the 112-room Veriu Central Hotel and adjoining retail in Sydney.
The hotel was sold by Veriu on a sale-and-leaseback, with the proceeds expected to be funnelled into their development projects in Sydney and Melbourne. Tyche was apparently attracted to strong yield profile.
The new owner, Tyche Asset Management was founded in 2014 by China-born Jia Shi. It offers Significant Investor Visa (SIV) compliant funds targeted at wealthy Asian investors seeking to emigrate to Australia with a minimum $5 million to invest.
Together the Veriu Group now operate over 18 hotels across the eastern seaboard, with a committed pipeline of a further 6 new hotels set to open over the next 2 years including new greenfield sites in Green Square (NSW), Queen Victoria Market (VIC) and Collingwood (VIC) and Alphington (VIC).