Mara Delta (formerly Delta Africa) has acquired the Tamassa Resort in Mauritius for a purchase consideration of the euro equivalent of $40m on a cash free, debt free basis.

Bronwyn Corbett, CEO of Mara Delta, said: “This acquisition is our first foray into the hospitality sector, further diversifying our portfolio.”

“We are particularly attracted by the relatively high, hard currency yield of between 8% and 9% that the acquisition offers. The lease being negotiated is on a triple net, lease back basis over an initial ten year period, which means Mara Delta assumes no operational or maintenance risk,” she said.

Tamassa Resort is an all-inclusive four-star beach hotel in Mauritius, located at Bel Ombre in the south-west of the island.

Tamassa is a four star beach hotel comprising 214 rooms in close proximity to golf courses, nature parks and other attractions such as the Seven Coloured Earths geological formations.

The resort offers a bar, a nightclub, and two eateries, one of which serves Mediterranean cuisine.

Other amenities include a spa, four pools and a tennis court, plus a gym, a kids’ club and a dive school.

Tamassa is managed by Lux Resorts & Hotels, which is listed on the Stock Exchange of Mauritius with a market capitalisation of Rs8-billion (approximately $228,5m) and one of the largest hotel chains on the island with a proven track record.

“The transaction further complies with our other investment requirements such as a strong counterparty in Lux Resorts as well as euro or dollar denominated leases,” said Corbett.

Mara Delta is the first multi-listed property fund to offer international property investors direct access to immediate high growth opportunities on the African continent outside of South Africa.

Outside of Mauritius, the fund’s portfolio includes property investments in Morocco, Mozambique, Zambia, Kenya and Nigeria.

The portfolio comprises of Buffalo Mall (Kenya), Barclays House (Mauritius) and Anfa Place Shopping Centre (Morocco).

In Mozambique, the fund owns Anadarko Building, Bollore/Plexus, Hollard (KPMG Building), Vodacom Building and Zimpeto Square.

The fund’s properties in Zambia include Cosmopolitan Mall, Mukuba Mall and Kafubu Mall.