LGIM Real Assets acquires London hotel for £70m

LGIM Real Assets, on behalf of its Managed Property Fund, has purchased YOTEL London Clerkenwell from James Cowper Kreston Administrators for £70m ($97m).

YOTEL, a UK based hotel group, will continue to operate the property under a long-term management agreement.

Completed in May 2020, the hotel has been trading since August. Alongside the hotel, the property has retail space and five apartments.

“The transaction is one of the first central London hotel transactions since the onset of the COVID pandemic and the ‘lean luxury’ offering is well placed to be at the forefront of the London hotel market recovery,” LGIM Real Assets said in a statement.

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