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LondonMetric Property has announced it has acquired nine Premier Inn hotels in a £89m deal.
The deal reflects a net initial yield of 5.3% which will compound over the lease term. The portfolio was acquired from Whitbread through a sale and leaseback agreement. The properties are let on new 30-year leases and generate an annual rent of £5m.
LondonMetric said rent reviews will take place every five years and are linked to the consumer price index. The purpose-built hotels are located in the South East and provide 955 bedrooms.
Locations include Southampton Airport, Kings Langley, Milton Keynes, Poole, Colchester, Fareham, Waltham Abbey, Chipping Norton, and Warwick. Whitbread is now the fourth largest occupier for the company.
The hotel operator contributes £11.3m of annual rent to the business. This figure accounts for 2.7% of the total rent collected by LondonMetric.
The transaction follows a previous £44m acquisition of hotels from the same seller. LondonMetric now owns 22 Premier Inn hotels across its national property portfolio.
Chief executive Andrew Jones said: “This transaction adds high quality and mission critical assets that generate a long, strong and growing NNN income in a sector that continues to benefit from evolving consumer preferences for travel, entertainment and experience.”
LondonMetric Property has announced it has acquired nine Premier Inn hotels in a £89m deal.
The deal reflects a net initial yield of 5.3% which will compound over the lease term. The portfolio was acquired from Whitbread through a sale and leaseback agreement. The properties are let on new 30-year leases and generate an annual rent of £5m.
LondonMetric said rent reviews will take place every five years and are linked to the consumer price index. The purpose-built hotels are located in the South East and provide 955 bedrooms.
Locations include Southampton Airport, Kings Langley, Milton Keynes, Poole, Colchester, Fareham, Waltham Abbey, Chipping Norton, and Warwick. Whitbread is now the fourth largest occupier for the company.
The hotel operator contributes £11.3m of annual rent to the business. This figure accounts for 2.7% of the total rent collected by LondonMetric.
The transaction follows a previous £44m acquisition of hotels from the same seller. LondonMetric now owns 22 Premier Inn hotels across its national property portfolio.
Chief executive Andrew Jones said: “This transaction adds high quality and mission critical assets that generate a long, strong and growing NNN income in a sector that continues to benefit from evolving consumer preferences for travel, entertainment and experience.”
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The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution
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