<\/p>\n
Hub by Premier Inn in Rose Street<\/p>\n
Lothian Pension Fund has acquired a building in central Edinburgh, currently leased to a Hub by Premier Inn and five retail and leisure units.<\/p>\n
The fund is paying Oval Real Estate \u00a323.4 million for Hanover Buildings at 66-84 Rose Street. The acquisition price reflects a net initial yield of 5.66%.<\/p>\n
The 145-bed hotel is secured on a long index-linked lease and accounts for approximately 70% of the scheme\u2019s overall income. Units are occupied by Lucy & Yak, William Hill, Cotswold Outdoor, Assaggini and Veeno.<\/p>\n
Colin Finlayson, director of Lismore Real Estate Advisors which advised on the deal, said: \u201cInvestor demand for hotels across the UK remains particularly strong and this is increasingly evident in Edinburgh, where global tourism and business travel continue to underpin robust occupancy levels. <\/p>\n
\u201cWith supply relatively constrained, well-located, income-secure assets such as Hanover Buildings are attracting significant interest and offering compelling long-term returns for our client.\u201d<\/p>\n
Nicola Barrett, portfolio manager of Lothian Pension Fund added: \u201cHanover Buildings is a high-quality, income-producing asset in a prime city-centre location.<\/p>\n
\u201cThe strength of the hotel covenant, combined with diversified retail and leisure income, aligns well with our strategy of securing resilient, long-term real estate investments that deliver stable returns for Lothian Pension Fund.\u201d<\/p>\n
Elliot Cassels, director at Westwood Real Estate, said: \u201cThe property generated interest from UK funds and overseas buyers who were attracted to the long index-linked hotel lease, and the vibrancy of the ground floor retail and leisure mix, where tenant and investor demand has rebounded in recent years.\u201d<\/p>\n
Lismore and CMS advised Lothian Pension Fund on the acquisition, whilst Westwood Real Estate and DLA acted for the vendor, Oval Real Estate.<\/p>\n
\t #Lothian #Pension #Fund #23.4m #Rose #Street #deal #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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