Privately -owned investment office Aprirose has sold a Premier Inn asset in Liverpool as it steps up its move to acquire more opportunistic and value-add opportunities.
The 165- bedroom hotel is located on Vernon Street, near to both Lime Street and Moorfields Stations in the City of Liverpool and is let to Premier Inn for 102 years. It was being marketed at a NIY of around 4% with uplift potential.
Aprirose acquired the asset in 2014. It was sold to an investment charity following competitive bids.
Richard Hughes, Head of Asset Management at Aprirose said: "This was an opportunistic sale, taking advantage of strong pricing for this well-located asset, which was reflected in the interest and sale price which exceeded expectations. We have delivered a healthy return to our investors and can redeploy capital into new opportunities as they arise."
Aprirose has divested a number of assets over the last 12 months realising strong returns for both the business itself and its investment partners, most recently selling the remainder of the Milton 1 & 2 portfolio to Punch Pubs in September in line with its strategy to exit its operational pub platform.
The company however has also been in both acquisitions and asset management. In the last 12 months year, the business purchased eight ground rents in the UK and achieved a flurry of lettings and lease extensions at a number of other office, retail, residential and industrial lettings all adding value to existing assets.
Ari Boyd, CFO at Aprirose added: "We are embarking on a period of strategic acquisitions as the company looks to take advantage of our track record to buy well and identifying both long income and asset management opportunities across a range of sectors in the UK. We are excited to see a range of deals put forwards as spotting the hidden gem and structuring the right deal for us and our investment partners play to our strengths as an investment house."
Mark Bruce-Lockhard advised on the sale for Aprirose and Freedman & Hilmi advised on the legals. Parkdales advised the purchaser.
Aprirose acquired the asset in 2014. It was sold to an investment charity following competitive bids.
Richard Hughes, Head of Asset Management at Aprirose said: "This was an opportunistic sale, taking advantage of strong pricing for this well-located asset, which was reflected in the interest and sale price which exceeded expectations. We have delivered a healthy return to our investors and can redeploy capital into new opportunities as they arise."
Aprirose has divested a number of assets over the last 12 months realising strong returns for both the business itself and its investment partners, most recently selling the remainder of the Milton 1 & 2 portfolio to Punch Pubs in September in line with its strategy to exit its operational pub platform.
The company however has also been in both acquisitions and asset management. In the last 12 months year, the business purchased eight ground rents in the UK and achieved a flurry of lettings and lease extensions at a number of other office, retail, residential and industrial lettings all adding value to existing assets.
Ari Boyd, CFO at Aprirose added: "We are embarking on a period of strategic acquisitions as the company looks to take advantage of our track record to buy well and identifying both long income and asset management opportunities across a range of sectors in the UK. We are excited to see a range of deals put forwards as spotting the hidden gem and structuring the right deal for us and our investment partners play to our strengths as an investment house."
Mark Bruce-Lockhard advised on the sale for Aprirose and Freedman & Hilmi advised on the legals. Parkdales advised the purchaser.
