Sri Lanka’s Kingsbury to manage apartment complex

Sri Lanka’s Kingsbury

Oct 16, 2015 (LBO) – The Kingsbury plc , a five-star city hotel in Colombo, has signed a management agreement with Platinum real investment limited to manage its Platinum1 apartment complex for a 10 year time period, the hotelier said in a filing to the stock exchange on Thursday.

Platinum 1 is a 20 storey apartment complex located at Colombo 03, comprising 66 apartments plus 4 penthouses. The complex also has facilities such as a swimming pool, gym, spa and a restaurant.

With the new agreement, the property would be branded as “Platinum 1 by Kingsbury” on the theme of “promise of luxury”, catering to the growing demand of luxury serviced apartments in the city of Colombo.

The agreement would come into effect from 01st April 2016 for a period of 10 years, the company said.

The Kingsbury comes under the umbrella of diversified blue chip conglomerate Hayleys group.

Platinum1 is a real estate venture by Platinum Realty Investments, a BOI registered Sri Lankan company with more than 30 million US dollar of capital investment from Sri Lankan investors and Foreign Direct Investments from Paharpur Mauritius Ltd, a fully owned subsidiary of the Paharpur Cooling Towers and Pragnya Fund, a Mauritius Based Equity Fund.