Hotel real estate group Pandox has secured a €150m financing package from AIB to support its acquisition of Dalata Group.
Pandox acquired the Dalata portfolio of 31 hotel properties across 11 cities in Ireland and the UK last year for €1.4bn. The financing was delivered through a collaboration between AIB and Goodbody.
Cathal O’Connor, head of UK corporate banking and asset based lending at AIB, said: “We are delighted that Pandox chose AIB to support them with this €150m facility, building on a strong and trusted relationship that continues to go from strength-to-strength. Pandox has a clear and compelling growth strategy, underpinned by high quality assets and a strong commitment to ESG focused investment. Supporting Pandox’s continued expansion across key European markets further reinforces our expertise in the hotels and hospitality sector and our growing European footprint.”
Cathy Bryce, MD of AIB capital markets, added: “Dalata has been a long‑standing and highly valued AIB customer, and we are proud to have supported their growth over many years. This transaction marks an important milestone, bringing together two highly respected players in the European hotel market. Our role in facilitating this transition reflects AIB’s deep sector expertise and our ability to deliver for clients navigating significant strategic change. We look forward to supporting Pandox as they advance their plans for this portfolio.”
Liia Nõu, CEO of Pandox, said: “This financing marks an important milestone for Pandox as we continue to execute on our long-term growth strategy across Northern and Western Europe. AIB has been a trusted banking partner for many years, and their ‘one bank’ approach and deep sector expertise have been instrumental in supporting our ambitions.”
