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10 March, 2015 08:00 AM Source: Financial Times - Sri Lanka
Japan (3).jpg

Capitalising on the booming leisure and real estate sectors, Asia Capital Plc, in partnership with Belluna Co. Ltd of Japan, yesterday announced that they would invest over $ 130 million to develop three properties in Sri Lanka.
The two companies have shortlisted a resort hotel in Galle worth $ 15 million, a city hotel in Colombo 3 worth $ 22 million and a mixed development project in Vauxhall Street costing $ 100 million. The agreement in this regard was officially signed yesterday by Bellunda Co. Ltd. President Kiyoshi Yasuno and Asia Capital Plc Group CEO Stefan Abeysinghe.
Abeysinghe said that this was probably the largest transaction they had done and that 90% of the shares would be held by Bellunda while the remaining 10% would belong to Asia Capital.
He said that they had identified three properties and that they are trying to do the legal due diligence required to obtain the lease for the foreign-owned company.

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