Hotel Properties Limited acquires 30% stake in two London properties

Both assets are worth GBP308m.

HPL announced that it has acquired a 30% interest in Bankside Quarter (Jersey) Limited (BQJ) to purchase two properties, Ludgate House and Sampson House, located in Bankside, the London Borough of Southward, London, England.

According to a report by OCBC, BQJ will acquire both assets for a consideration of GBP308m, and HPL intends to finance its share of the investment through third-party loan financing and internal resources. T

he properties are located in Bankside, which is at the heart of the SouthBank and Bankside Cultural Quarter, and the freehold site is approximately 5.3 acres.

Analysts at OCBC say that properties are acquired with an implementable existing planning permission comprising ~552k sq ft NIA of private residential accommodation, 285k sq ft of offices and 36k sq ft of retail and leisure space, and that BQJ will review and evaluate the scheme after the acquisition is completed.