UK: Global investment firm acquires nearly 650 units across four London properties
Starwood Capital Group has announced that a controlled affiliate
has acquired a portfolio of four serviced apartment blocks and one
residential complex in London for £206 million ($312
The serviced apartment properties are located in Tower Bridge, Bermondsey, London Bridge and Earls Court. They were constructed in 2008 but are currently unfinished and partially operational, and will comprise nearly 650 units upon completion.
The properties were operated by Think Apartments until August 2014, when the companies which owned them went in to administration. Go Native was subsequently appointed as operator and remains in place following the Starwood Capital acquisition.
The residential complex consist of 60 units on Bermondsey
Street, along with a number of underground parking spaces and over
15,000 square feet of commercial space.
Starwood Capital Group purchased the portfolio following completion of an administration and company voluntary arrangement process led by Ireland's National Asset Management Agency (NAMA) and Duff & Phelps.
Cody Bradshaw, SVP and head of European hotels at Starwood Capital Group, said: "We are excited to establish ourselves as a leading player in the extended-stay hotel/serviced apartment market, which we believe is one of the most promising and under-supplied real estate sectors in London today. This successful off-market acquisition of a unique portfolio of London real estate reflects Starwood Capital Group's ability to structure and execute win-win solutions in even the most complex of situations."