London aparthotel Native Bankside has been sold by Create REIT to Jastar Capital for more than £40m.
The 75-unit development, which Create says is the UK’s first BREEAM Excellent rated aparthotel, will continue to be operated by Native Places under a new long-term management agreement. The converted Victorian tea warehouse is located just minutes from Borough Market and Southwark Bridge.
Jay Matharu, acquisitions director at Jastar Capital, said: “We are excited by the growth potential for aparthotels. There is no better asset in the sector south of the river than Native Bankside. It is in a superb, vibrant location and is expertly managed by Guy Nixon and the Native Places team, who we look forward to working alongside. It is a fantastic addition to our portfolio.”
Guy Nixon, CEO and founder of Native Group, added: “Aparthotels are a safer haven than traditional hotels partly because customers stay for longer periods resulting in lower turnover and servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors. We are excited by the potential for growth at Native Bankside through our new partnership with Jastar.”
Savills advised Create REIT and Adynaton advised Jastar Capital.
