Theophilus Danjuma, a former minister of defence, has splashed a whopping N1bn for a 300-year-old hotel in London.
For those wondering how the retired army general acquired the property, Bloomberg Billionaires Index says TY Danjuma is now worth $1.2 billion.
The Kings Arms Hotel, a 14-room inn in London, is a 300-year-old property next to Hampton Court Palace, which once housed Henry VIII, the king of England in 1509.
The hotel is presently undergoing renovation, and upon launch, a room is estimated to cost £250 per night.
Speaking on their modus operandi, Hannatu Gentles, the second daughter of TY Danjuma, says the family does not invest in trophy assets.
“We never tend to look at trophy assets. We’re not going to head to Mayfair to buy a 15 million-pound apartment primarily because we are a yield business,” Gentles, who is the chief operating officer of her father’s London-based family business, told Bloomberg.
“We invest in real estate in other jurisdictions, but in the UK, we always thought let’s stick to areas that we know.”
Asides the £2.4 million (1,096,662,240) hotel, the family has invested in more than 30 properties across three continents.
Danjuma left the military in 1979 to start his oil and shipping firm, NAL-Comet. He partnered with Total SA and Petrelo Brasileiro SA on the block. His minority stake in the oil block is now worth $450 million.
In 1998, he was awarded an oil block by Sani Abacha, Nigeria’s deceased head of state.
The family office also manages private equity investments, trust funds and a venture capital arm that funds film companies.
His charity work is done through his foundation after he pledged to give away $100 million.