UK: Dutch aparthotel operator City ID, in partnership with shareholders APG and Aware Super, has acquired a prime development site in London’s Victoria.
The move forms part of a wider acquisition strategy which will see City ID invest more than €1 billion over the next five years to increase its aparthotel portfolio in London and across other major European cities.
The new property at 262-280 Vauxhall Hall Bridge Road will “create hybrid spaces for guests, foodies, local residents and neighbouring business workers”.
The new-build property will feature 116 units, ranging from studios to two-bedroom apartments; a flexible workspace, a seasonal restaurant and bar; a gym and wellness areas.
The property is expected to open its doors in 2024.
Alexander Goad, CEO of City ID, said: “We are very happy to create a fantastic new City ID location for our guests and local residents in this central location in one of London’s most vibrant and culturally rich areas. We hope our spaces inspire, provoke and enrich our guests and provide a platform for those looking for short or long term accommodation. We are excited by the journey ahead and the ability to provide a new level of accommodation across Europe together with our shareholders APG and Aware Super over the coming years. Beginning in London, the first of many!”
Robert-Jan Foortse, head of European property investments at APG, said:“We are very pleased to see the first City ID overseas acquisition become reality. We are looking forward to significantly accelerating the company’s international growth programme in the coming years.”
Alek Misev, senior portfolio manager – property at Aware Super, said: “This project is the start of a significant period of growth and expansion for the City ID portfolio and increases our exposure to the rapidly expanding European aparthotel sector. Through developments like this, we continue to deliver on our commitment to do well for our members through top long-term performance, while doing good in the community.”
City ID is a fully integrated owner-operator and can acquire development sites and turnkey deliveries. Target developments include new builds, office conversions, mixed-use schemes and existing hotel conversions of 4,000 to 20,000 square metres in prime European capital city locations.
The acquisition process has been supported by Cushman and Wakefield, CBRE, Proskauer Rose, EY Tax, CMS, Deloitte Debt & Capital advisory and Gerard Nolan & Partners represented the seller 4c Hotel Group.
City ID secured a financing package from HSBC UK.
