Dutch apartment hotel group City ID with shareholders APG and Australia's Aware Super has acquired a prime development site at 268-282 Vauxhall Bridge Road.

The move forms part of a wider acquisition strategy which will see City ID invest more than €1 billion over the next five years to increase its apartment hotel portfolio in London and across other major European cities.

Alexander Goad, Chief Executive Officer at City ID, said: “We are very happy to create a fantastic new City ID location for our guests and local residents in this central location in one of London's most vibrant and culturally rich areas. We hope our spaces inspire, provoke and enrich our guests and provide a platform for those looking for short or long term accommodation. We are excited by the journey ahead and the ability to provide a new level of accommodation across Europe together with our shareholders APG and Aware Super over the coming years. Beginning in London, the first of many!”

Robert-Jan Foortse, Head of European Property Investments at APG, said:“We are very pleased to see the first City ID overseas acquisition become reality. We are looking forward to significantly accelerating the company’s international growth programme in the coming years.”

Alek Misev, Senior Portfolio Manager - Property at Aware Super, said: “This project is the start of a significant period of growth and expansion for the City ID portfolio and increases our exposure to the rapidly expanding European aparthotel sector. Through developments like this, we continue to deliver on our commitment to do well for our members through top long-term performance, while doing good in the community."

The acquisition was advised by Cushman and Wakefield, CBRE, Proskauer Rose, EY Tax, CMS, Deloitte Debt & Capital advisory. Gerard Nolan & Partners represented the seller 4C.

City ID secured a financing package from HSBC UK.