Aprirose has completed the refinancing of its 141-room aparthotel in Dalston with Coutts on a fixed five-year £16.5m facility.
Aprirose has implemented an asset management strategy on the property over the past 18 months and has granted a new lease to operator Staycity Group.
A range of works are also being undertaken on the ground floor of the building, which is located on Kingsland High Street, to add value to the asset.
Richard Hughes, head of asset management at Aprirose, said: “This deal underpins our commitment to improving and asset managing our investments. We saw a huge opportunity to upgrade the asset in line with the cool neighbourhood it sits within and, at the same time, secure the lease by bringing in Staycity, who are expanding rapidly and known for their exemplary customer experience.
“This provides Aprirose, and our investors, with certainty of income over the lease term which works nicely with the new senior facility we have agreed with Coutts on favourable terms. There remain opportunities to extend the hotel with further self-catering rooms, and undertake further asset management, to add further value to this asset in the short to medium future.”
Gareth Taylor, head of debt at Aprirose Head, added: “The involvement of various teams within Aprirose demonstrates our ability to add value to assets across a number of activities. We were able to secure fixed terms with Coutts on excellent terms as a result and look forward to seeing the asset go from strength to strength over the next five years. We are firmly in the market for new asset acquisitions across all sectors, with asset management opportunities from capex to lease restructuring and so on.”
