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The aparthotel sector has come of age. Aviva Investors, the global asset management business of the Aviva insurance business, has acquired the freehold interest in a central London apart hotel scheme, adding to its portfolio of high-quality, long-income real estate assets.
The 22 storey tower at Commercial Road, Aldgate, will provide 190 apartments alongside facilities including a gym, café, private restaurant, bar and co-working members club with a garden and terrace. The asset will be operated under ‘The Gate’ brand and is expected to be ready for guests at the beginning of 2020.
The Aviva deal sees them sell-on the lease to a nearby local council, providing Barking and Dagenham with a long-term income (useful at a time when local government income from government grants is being squeezed).
That the aparthotel sector is regarded as an asset-class safe enough for both Aviva and a notoriously risk-averse buyer like a local council, is mighty tribute to its appeal.
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