PRUPIM has acquired the freehold of the new Hilton Hotel at Terminal 5, Heathrow Airport, for £21.1m from Shiva Hotels’ parent company.
PRUPIM purchased the hotel for a secured long income fund.
The property is subject to a 200-year full repairing and insuring ground lease to Rising Star, subject to annual reviews linked to RPI.
Kris McPhail, director, investment management at PRUPIM, said: “It provides long-term inflation-linked income supported by a property with strong fundamentals – in this instance a flagship hotel at a major international transport hub. We have substantial amounts to invest on behalf of our client’s long income funds for investments with rents that are linked to inflation or have pre agreed fixed uplifts.”
annabel.dixon@estatesgazette.com
