RIL buys iconic UK property Stoke Park for $79 million
23 Apr 2021
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Mukesh Ambani owned- Reliance Industries Ltd (RIL) has bought iconic Britih property Stoke Park for 57 million pounds ($79 million) as part of its moves to reduce dependence on oil business and expand into consumer-facing businesses.
RIL’s UK arm, which will own the business, said in a regulatory filing that Stoke Park, which owns a hotel and golf course in Buckinghamshire, UK, will add to RIL's consumer and hospitality assets.
"Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited, has on April 22, 2021, acquired the entire issued share capital of Stoke Park Limited, a company incorporated in the United Kingdom, for 57 million pounds," RIL stated in the filing.
The group already has investments in EIH Ltd (Oberoi Hotels) and is developing state-of-the-art convention centre, hotel and managed residences in BKC Mumbai.
Reliance, which raised around $25 billion in cash from global investors and tech giants in recent times, has so far announced $3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy.
Stoke Park Limited owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe.
Stoke Park hosts 49 luxury bedrooms and suits, 27-hole golf course, 13 tennis courts and 14 acres of private gardens.
"RIIHL will look to enhance the sports and leisure facilities at this heritage site, while fully complying with the planning guidelines and local regulations," Reliance said.
This is the second major acquisition of an iconic British company by Ambani, 64. He bought British's iconic toy store Hamleys in 2019, to strengthen its retail footprint.
Stoke Park, which is owned by the King family, a second-generation British family, is UK's first Country Club from the International Group (IG).
Stoke Park has been closely associated with Pinewood Studios and the British film industry. Two James Bond films - Goldfinger (1964) and Tomorrow Never Dies (1997) were shot at the park.
James Bond films also made cinematic history with a Sean Connery-Gert Forbes duel in Goldfinger which is still believed to be the most famed game on the screen.
Scenes from the movies Bridget Jones's Diary (2001) starring Renee Zellweger, Hugh Grant, and Colin Firth were also shot at Stoke Park.
Stoke Park estate has a recorded history of over 900 years, However, it was used as a private residence until 1908, according to its official website.
Mayer Brown International LLP and Khaitan & Co acted as legal counsels for the transaction, and Ernst & Young UK advised on financial and tax matters.
