In a first for the institutional market we advised the Legal & General UK Property Fund in the off market purchase of a managed hotel.
We sourced directly from Urban & Civic plc, the newly constructed 357 bed hotel which is uniquely located 100 yards from Stansted Airport. The price of £48.3m represented a base yield to the Fund of 6.75% for the first year with the Fund benefitting from 100% of the upside.
The hotel sector is quickly maturing and this acquisition represented the first purchase of a managed hotel by a UK institution. We utilised our specialist skills to advise Legal & General on the successful acquisition which entailed direct advice to the Board of LGIM on the sector and structure of the purchase.
We sourced directly from Urban & Civic plc, the newly constructed 357 bed hotel which is uniquely located 100 yards from Stansted Airport. The price of £48.3m represented a base yield to the Fund of 6.75% for the first year with the Fund benefitting from 100% of the upside.
The hotel sector is quickly maturing and this acquisition represented the first purchase of a managed hotel by a UK institution. We utilised our specialist skills to advise Legal & General on the successful acquisition which entailed direct advice to the Board of LGIM on the sector and structure of the purchase.
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