Aprirose has completed the sale of the Travelodge Hotel at Tower Bridge, E1, to CCLA Investment Management for £47.1m – a net initial yield of 3.61%.
The hotel, bought on behalf of Local Authorities Mutual Investment Trust, has 190 bedrooms over five floors, a café and a bar.
The deal follows a number of acquisitions by Aprirose, including the 73-asset M&B pub portfolio and the £525m QHotels portfolio.
Manish Gudka, chief executive of Aprirose, said: “The sale of this property represents a strong return for our investors in line with our original strategy at the time of purchase of investing in a fast-improving area of London.
“The asset, which we bought during a time of economic instability, provides secure income in a prime location and is a well-respected brand. We continue to seek out further opportunities as we look to expand our diverse real estate portfolio across all asset classes.”
Philips Lockhart and Knight Frank advised Aprirose, while CCLA was represented by Chris Freer-Smith and JD Partners.
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