US investment fund Cerberus buys Radisson hotel in Bucharest

US investment fund Cerberus will acquire the Radisson hotel complex in Bucharest from the Israeli group Elbit Imaging Lt, market sources told Mirsanu.ro. The investment fund Revetas Capital, which owns the Vitantis shopping center in Bucharest, is also involved in the deal. Cerberus is one of the largest private equity managers in the world, which manages over USD 30 billion together with its shareholders. Israeli group Elbit Imaging announced on November 29 that it has signed a definitive sale-purchase agreement with two international investment funds for a 98.2% stake in the company that owns the Radisson hotel complex in Bucharest, a deal valued at EUR 169.2 million. The seller then estimated that it would receive a net amount of EUR 81 million from the transaction, of which EUR 8 million will be granted to the buyer through a 3-year vendor credit at a 5% interest rate per year. The transaction between the two sides is made at a yield of about 7.5% and at a multiple of around 13 applied to EBITDA. Premium hotel complex in Bucharest changes owners after EUR 169 mln deal editor@romania-insider.com