Rockwell and Aviva complete Westferry Premier Inn deal
Developer Rockwell has finalised its £106m funding deal with Aviva Investors, which will deliver a 400-bed Premier Inn hotel in Docklands.
Premier Inn parent Whitbread has agreed a 30-year lease for the 30-storey property, which will be the brand’s largest hotel in central London.
Aviva Investors bought the freehold of the scheme, on West India Dock Road, E14, via its Lime Property Fund.
Developer Rockwell has finalised its £106m funding deal with Aviva Investors, which will deliver a 400-bed Premier Inn hotel in Docklands.
Premier Inn parent Whitbread has agreed a 30-year lease for the 30-storey property, which will be the brand’s largest hotel in central London.
Aviva Investors bought the freehold of the scheme, on West India Dock Road, E14, via its Lime Property Fund.
Designed by architects SimpsonHaugh, the hotel will provide a gateway to Canary Wharf and is scheduled for completion in early 2022.
In addition to a hotel, which will create 259 jobs, Rockwell will also deliver 66 new homes of which 35% will be affordable.
See also: How hotels can drive local economies
Lewis Corby, director at CBRE, which advised Rockwell, said: “We received strong investment demand, principally from institutional buyers.
“In the low interest environment, investors continue to be attracted to secure long dated, asset backed income.”
Kris McPhail, fund manager at Aviva Investors, said: “The transaction provides our investors with an attractive 30-year inflation rate-linked income stream from a market-leading UK corporate, underpinned by strong real estate with excellent transport links. These are exactly the type of investments we target for the Lime Property Fund.”
Avison Young advised Aviva Investors.
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