South African hotel chain Tsogo Sun Holdings plans to buy new hotels in the United Kingdom, as drop in pound sterling made assets more affordable, Reuters reported on November 23 citing one of company’s executives.

“We've put about 500 million rand into the UK market, which is doing quite well for us and I think we're going to put in more money,” Chief Executive officer Marcel von Aulock said without disclosing how much would be invested to acquire the assets.

“Quite frankly with Brexit and all the uncertainty, and the collapse of the pound, actually gives opportunity. Those UK hotel assets just got a whole lot cheaper in rands,” he added.

The new acquisitions will be made via International Hotel Properties, the group’s branch dedicated to investment in hospitality in Europe.

Besides South Africa and the U.K., Tsogo Sun is also present in Nigeria, Kenya and Mozambique.