Far East Orchard has entered into a non-binding memorandum of understanding to explore a joint venture with Australian property developer Toga Pty.
Through the joint-venture company, it plans to acquire full interests in five hotel assets of Toga Accommodation Fund (TAF): the Medina Grand Harbourside, Medina Grand Adelaide Treasury, Medina Executive Brisbane, Vibe Hotel Sydney and Travelodge Mirambeena Resort Darwin.
TAF is an unlisted property fund that invests in serviced apartments and hotel assets in Australia and Europe. It is operated by the Toga Group, which holds a 20% interest in the fund.
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