BNP Paribas Real Estate has sold two income strip investments to Standard Life and CBRE GI on behalf of Apex Hotels, one of the UK's leading operators of contemporary city centre hotels.
BNP Paribas Real Estate has sold two income strip investments to Standard Life and CBRE GI on behalf of Apex Hotels, one of the UK's leading operators of contemporary city centre hotels.
The first deal involved Apex’s 179 bedroom hotel at 1 Seething Lane, EC3, which was bought for £18.6 mln (€20 mln) by Standard Life's annuity fund, reflecting a yield of 3.28%.
The second deal involved Apex’s 187 bedroom hotel at Waterloo Place in Edinburgh, which was bought for £10 mln by CBRE GI, reflecting a yield of 3.29%.
Paul Henwood of BNP Paribas Real Estate said: 'We look forward to continuing to work closely with the growing hotel chain Apex in the future.'
Allsop acted for Standard Life and Clay Street acted for CBRE GI.
