Ethos Asset Management Inc. USA has entered into a long-term financing partnership in Sri Lanka with Liberty REIT, the company announced in a news release.
“We are delighted to be partnering and supporting such a prestigious hotel and developer in Sri Lanka," Carlos Santos, president and CEO of Ethos, said in a statement. "We were impressed by the passionate and innovative entrepreneur, Michael Shanthikumar, and honored to be working alongside Michael as one of the most important and leading developers in Sri Lanka."
He called the partnership, "a very exciting project with significant potential commercially, socially and economically."
Ethos, based in San Diego, specializes in resource mobilization and project financing. Liberty REIT specializes in large-scale projects relating to mixed use, apartments and independent housing, the news release said.
The partnership they have been working on means a capital investment of $65 million USD for use over the next several years. As part of the deal, Liberty Reit can reach out to investors in Singapore and Hong Kong for a complete or partial interest in the project during construction.
"We at Liberty Reit are excited to partner with Ethos for our upcoming absolute beachfront mixed-use development in Sri Lanka," Shanthikumar said. "Carlos is an extremely talented individual who has come up with an impressive funding mechanism that would help developers like us to freely implement projects like this, with ease, which will in turn benefit not just us but the entire economy. We would also like to thank the team at Ethos and Mike Starvis at Prestige Commercial Holdings for helping us put this together.”