Aprirose disposes of Liverpool Premier Inn
The investor has sold the 165-bedroom Vernon Street hotel to an unnamed not-for-profit organisation.
The building, which Aprirose bought in 2014, is let to Premier Inn for 102 years and is located between Liverpool’s Moorfields and Lime Street stations.
Aprirose has disposed of the hotel asset to free up capital to “acquire more opportunistic and value-add opportunities”, the firm said.
The Premier Inn was being marketed at a guide price that would have reflected a net initial yield of around 4%.
Richard Hughes, head of asset management at Aprirose, said: “This was an opportunistic sale, taking advantage of strong pricing for this well-located asset, which was reflected in the interest and sale price which exceeded expectations.
“We have delivered a healthy return to our investors and can redeploy capital into new opportunities as they arise.”
Aprirose has divested a number of assets over the last year, including a 14-strong portfolio of pubs to Punch Pubs, and is also in acquisition mode, according to Ari Boyd, chief financial officer at Aprirose.
“We are embarking on a period of strategic acquisitions as the company looks to take advantage of our track record to buy well and identifying both long income and asset management opportunities across a range of sectors in the UK.
“We are excited to see a range of deals put forward as spotting the hidden gem and structuring the right deal for us and our investment partners play to our strengths as an investment house.”
Mark Bruce-Lockhard advised on the sale for Aprirose and Freedman & Hilmi advised on the legals. Parkdales advised the purchaser.
