UK: Real estate investment firm and asset manager DTZ Investors has acquired the Staycity Aparthotels Edinburgh property for £12 million.
The aparthotel is located on Brandfield Street, a mile to the west of Edinburgh Castle and close to the Haymarket business district.
It comprises 60 rooms ranging from studios to two-bedroom apartments, a grab-and-go pantry, and 29 car parking spaces. The site is let to Staycity on an index-linked lease expiring in 2037.
Tom Royston, director at DTZ Investors, said: “Staycity, Edinburgh is a core aparthotel asset in a dominant UK city, is well-aligned with our investment strategy and provides an attractive day one income return, yielding 5.9 per cent. Edinburgh has a strong hotel sector with limited supply and benefits from robust tourist visitor numbers, providing very favourable supply demand dynamics.”
Legal firm Pinsent Masons acted for DTZ Investors.
Elsewhere in Edinburgh, Staycity operates the Wilde aparthotel on King’s Stables Road.
Highlights:
• DTZ Investors has acquired the Staycity aparthotel on Brandfield Street in Edinburgh for £12 million.
• The property features 60 apartments, a grab-and-go pantry, and 29 car parking spaces.
• It is let to Staycity on an index-linked lease expiring in 2037.
• Pinsent Masons advised DTZ on the transaction.
