Chinese real estate company, Zhonghong Holdings Group, has agreed to purchase a majority of the equity shares in Abercrombie & Kent from its current owner, US-based Fortress Investment Group. Founder and CEO, Geoffrey Kent will keep a “meaningful equity investment”.
Paul Bauer, Regional Managing Director of Abercrombie & Kent Sub-Saharan Africa, said the company will retain its distinctive brand, culture and management independence under Geoffrey Kent’s leadership as Chairman and CEO. “Looking forward, the relationship with Zhonghong will allow us to continue to grow and innovate by providing access to additional capital needed to finance new investment,” he said.
“We are all very excited about our new partners and the continued growth of Abercrombie & Kent,” said Bauer, who added that it’s still “business as usual”.