Osprey Equity Partners has completed on its forward-funding acquisition of Reef Estates and the Sharma family’s £80m apart-hotel in Commercial Road, Aldgate, E1.
Osprey, backed by multi-family office LJ Partnership, has purchased the land, which has full planning consent and will fund the developer, Reef Estates, during the development period.
The 21-storey scheme will comprise 178 units and will be operated by the serviced apartment specialist Go Native under a hotel management agreement.
Osprey will fund the acquisition and development through its principals and clients, the largest of which is Qatari investment bank QInvest.
Simon Lee, co-founder of Osprey, said: “The 27 Commercial Road scheme provides exposure to the London apart-hotel sector, which remains materially undersupplied relative to other gateway cities and significantly undervalued in comparison to the student and PRS sectors.”
Prime Retail acted for Osprey; CBRE represented Reef Estates.
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