Maven Property, the property arm of Maven Capital Partners, has bought Douglas House in Glasgow from Citruz AG in a £10m redevelopment deal to convert the property into a 129-bedroom hotel.
Maven will fund the purchase of the property, on Waterloo Street, through a combination of a £5m equity fundraising through its UK-wide co-investor network, Investor Partners, and via a £5m development loan facility.
The development is expected to be completed in 2018.
This will be Maven’s second hotel development this year following the £15m purchase of the Grade II listed Shire Hall in Durham for conversion into an 83-bedroom Hotel Indigo.
Maven already oversees two other hotel assets in Glasgow: the four-star Hotel Indigo and the Ibis Styles Glasgow George Square on Miller Street.
Maven manages more than £150m of client funds invested across more than 10 properties.
Ramsay Duff, investment director at Maven, said: “Glasgow continues to be a key destination for business and leisure, drawing in visitors from across Europe and beyond. Douglas House is situated in a superb location within Glasgow’s IFSD and is ideally suited for all types of customers with a host of amenities on its doorstep.”
Maven was advised by Macbeth Property Consultants, Cushman & Wakefield and by DWF. Prior to its acquisition by Maven, Douglas House was managed by Patrizia UK.
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