Jastar Capital has bought a 75-unit aparthotel in London’s Bankside area from Create REIT for more than £40m.
Native Bankside, located near Southwark Bridge and the Shakespeare’s Globe theatre, at Empire Warehouse, 1 Bear Gardens, SE1, will continue to be managed by Native Places under a new long-term management agreement. The five-year-old development is the UK’s first BREEAM Excellent aparthotel.
Jastar Capital is a family-owned business specialising in active asset management and value-add opportunities in the hotels, real estate and private equity sectors. Other recent acquisitions as part of its plans to grow its presence in the UK hospitality sector include the Elvetham Hotel and the Winchester Hotel and Spa in Hampshire and Wardrobe Court in London.
Jay Matharu, acquisitions director at Jastar Capital, said: “We are excited by the growth potential for aparthotels, and there is no better asset in the sector south of the river than Native Bankside.
“It is in a superb, vibrant location and is expertly managed by Guy Nixon [founder and chief executive of Native Group] and the Native Places team, who we look forward to working alongside.”
Guy Nixon added: “Aparthotels are a safer haven than traditional hotels, partly because customers stay for longer periods, resulting in lower turnover and servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors.”
Savills advised Create REIT, while Adynaton advised Jastar Capital.
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