Wilde Aldgate Tower Bridge
Site acquired

Site acquired

06/08/2021 by Buildington
Union Investment has acquired 73-77 Commercial Road development from Regal London for c. €60m.

The 14-storey aparthotel, due to complete in November 2021, will comprise 156 rooms with fully equipped kitchenettes, a coffee shop and a gym. Staycity has signed a 30-year lease to operate the building.

Andreas Löcher, head of Investment Management Hospitality at Union Investment, commented: “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.”

Paul Eden, Joint Founder at Regal London added: “Our Commercial Road development is a great example of how we work successfully to transform local areas through innovative mixed-use schemes, providing valuable residential, commercial and retail opportunities across London. As part of this approach, it has been a pleasure to work with Union Investment to deliver an aparthotel strategy at Commercial Road and we look forward to a long and successful relationship with them.”

The acquisition is added to the holdings of open-ended real estate fund Unilmmo: Deutschland.

Cushman & Wakefield advised Union Investment on the transaction.
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