UK: Starwood Capital Group has put its London serviced apartment properties up for sale, with a price tag reported to be around £250 million.
The portfolio, which was formerly operated by Think Apartments
and is now managed by Go Native, comprises three neighbouring
serviced apartment assets in the Tower Bridge area, and a further
property at 181-183 Warwick Road in Earls Court.
The portfolio also includes a 60-unit residential asset in Bermondsey Street, which has 15,000 square feet of commercial space. These flats could be sold on individually by the purchaser.
The serviced apartment properties were first constructed in 2008, but at the time of their sale to Starwood for £206 million in January last year, were unfinished and partially operational. Savills has been appointed to find a buyer for the properties.
Starwood acquired the apartments following completion of an administration and company voluntary arrangement process led by Ireland's National Asset Management Agency (NAMA) and Duff & Phelps.