UK: Jastar Capital has acquired the Native Bankside aparthotel for £40 million from vendor Create REIT.
The 75-unit building, which is five years old, has been sold to Jastar Capital but will continue to be managed by Native Places under a new long-term management agreement.
The aparthotel is close to Borough Market and Southwark Bridge in London, and is known for its Victorian tea warehouse and historical features.
Jastar Capital is a family-owned business specialising in active asset management, value add opportunities in the hotels, real estate and private equity sectors.
Jay Matharu, acquisitions director of Jastar Capital, said: “We are excited by the growth potential for the aparthotel, 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 and the Native Places team, whom we look forward to working alongside. It is a fantastic addition to our portfolio.”
Guy Nixon, CEO and founder of Native Group, said: “Aparthotels are a safer haven than traditional hotels partly because customers stay for longer periods resulting in lower turnover & servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors.”
