Real
Estate Investment Manager Aprirose has completed a refinance of its 141-room
aparthotel in Dalston with Coutts on a fixed five year £16.5m facility.
The move comes following Aprirose implementing an asset management strategy on the property over the last 18 months including granting a new lease to operator, Staycity Group.
Staycity Dalston is located on Kingsland High Street in the heart of the cool East London neighbourhood. The design is heavily influenced by the eclectic and vibrant local culture, including world-renowned street art and music scenes.
At the same time as the lease to Staycity Group, a range of works are being undertaken to the ground floor to add value to the asset with works led by Aprirose’s Head of Asset Management Richard Hughes. Hughes also agreed the new lease with Staycity Group, following the termination of the previous operator, Edyn.
Aprirose acquired the Dalston site in 2018 and achieved planning consent for the aparthotel, marking its first move into the sector.
Beginning with a single apartment in Dublin’s Temple Bar, Staycity now operates 5,800 aparthotel rooms in 35 aparthotels across 18 vibrant cities, appealing to both business and leisure travellers from across the globe.
Hughes said: “This deal underpins our commitment to improving and asset managing our investments. We saw a huge opportunity to upgrade the asset in line with the cool neighbourhood it sits within and, at the same time, secure the lease by bringing in Staycity, who are expanding rapidly and known for their exemplary customer experience. This provides Aprirose, and our investors, with certainty of income over the lease term which works nicely with the new senior facility we have agreed with Coutts on favourable terms. There remain opportunities to extend the hotel with further self-catering rooms, and undertake further asset management, to add further value to this asset in the short to medium future.”
Gareth Taylor, Aprirose’s Head of Debt, who secured the new senior debt facility, added: “The involvement of various teams within Aprirose demonstrates our ability to add value to assets across a number of activities. We were able to secure fixed terms with Coutts on excellent terms as a result and look forward to seeing the asset go from strength to strength over the next five years.. We are firmly in the market for new asset acquisitions across all sectors, with asset management opportunities from Capex to lease restructuring and so on.”
Staycity Dalston is located on Kingsland High Street in the heart of the cool East London neighbourhood. The design is heavily influenced by the eclectic and vibrant local culture, including world-renowned street art and music scenes.
At the same time as the lease to Staycity Group, a range of works are being undertaken to the ground floor to add value to the asset with works led by Aprirose’s Head of Asset Management Richard Hughes. Hughes also agreed the new lease with Staycity Group, following the termination of the previous operator, Edyn.
Aprirose acquired the Dalston site in 2018 and achieved planning consent for the aparthotel, marking its first move into the sector.
Beginning with a single apartment in Dublin’s Temple Bar, Staycity now operates 5,800 aparthotel rooms in 35 aparthotels across 18 vibrant cities, appealing to both business and leisure travellers from across the globe.
Hughes said: “This deal underpins our commitment to improving and asset managing our investments. We saw a huge opportunity to upgrade the asset in line with the cool neighbourhood it sits within and, at the same time, secure the lease by bringing in Staycity, who are expanding rapidly and known for their exemplary customer experience. This provides Aprirose, and our investors, with certainty of income over the lease term which works nicely with the new senior facility we have agreed with Coutts on favourable terms. There remain opportunities to extend the hotel with further self-catering rooms, and undertake further asset management, to add further value to this asset in the short to medium future.”
Gareth Taylor, Aprirose’s Head of Debt, who secured the new senior debt facility, added: “The involvement of various teams within Aprirose demonstrates our ability to add value to assets across a number of activities. We were able to secure fixed terms with Coutts on excellent terms as a result and look forward to seeing the asset go from strength to strength over the next five years.. We are firmly in the market for new asset acquisitions across all sectors, with asset management opportunities from Capex to lease restructuring and so on.”
