Union Investment’s open-ended real estate fund has added a London hotel asset to its portfolio.
Union Investment said it has invested €60m on behalf of the Unilmmo Deutschland fund to buy the Wilde by Staycity hotel development from Regal London.
The 14-storey aparthotel, due to complete in November 2021, will have 156 rooms. The asset has been leased to Staycity on a 30-year lease.
The Wilde by Staycity aparthotel will offer 5,737sqm of rental space and is situated on the corner of Commercial Road and Greenfield Road on the eastern fringe of the City of London.
Andreas Löcher, the head of investment management hospitality at Union Investment, said London is one of the strongest hotel markets in Europe, and aparthotel concepts have shown themselves to be resilient during the coronavirus pandemic.
“We’re delighted to be adding Staycity to our hotel portfolio as a financially strong tenant with a well-known brand who is making a long-term commitment to this location.”
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