DTZ Investors has completed the purchase of Combined House and International House, Kingston-upon-Thames in Greater London for £55.9 mln (€63 mln).
The asset includes two 10-storey buildings and a shopping mall comprising almost 13,400 m2 of hotel and retail accommodation, plus a 366-space multi-storey car park. The two hotels are let to Premier Inn and Travelodge, with retail units let to Argos, Poundland and Aldi. The car park is leased to NCP.
Peter O’Gorman, fund manager at DTZ Investors, said: 'This asset will deliver a sustainable income stream, whilst providing good growth potential at minimal risk. With a weighted average unexpired lease term of 17.2 years and 85% of the income on fixed or index-linked reviews, this asset will provide defensive and reliable returns for the fund.'
