Aprirose has sold a Premier Inn asset in Liverpool to an investment charity.
Located on Vernon Street, the 165-room asset was acquired by Aprirose in 2014. However, the company decided to sell the property, with the aim of deploying the cash realised into new value-add investment opportunities.
Aprirose has divested a number of assets over the last 12 months, most recently selling the remainder of the Milton 1 & 2 portfolio to Punch Pubs in September in line with its strategy to exit its operational pub platform. The company however has also purchased eight ground rents in the UK in the same period of time.
The Liverpool asset is let to Premier Inn for 102 years.
Mark Bruce-Lockhard advised on the sale for Aprirose and Freedman & Hilmi advised on the legals. Parkdales advised the purchaser.
What they said
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.”
Ari Boyd, CFO at Aprirose added: “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 forwards as spotting the hidden gem and structuring the right deal for us and our investment partners play to our strengths as an investment house.”