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UK's Shiva Hotels to float REIT subsidiary

U.K.-based Shiva Hotels Ltd. is looking to float its Hotel Income REIT PLC unit in early October, aiming to publish its prospectus Sept. 24, Property Week reported, citing Shiva founder and director Rishi Sachdev.

The hotel group aims to raise £150 million from the offering. The funds will be invested in its existing portfolio of five Hilton-branded properties across London and York, the publication added.

Shiva has 10 London properties with over 2,000 rooms.