Aviva Investors, the global asset management business of Aviva, has acquired a hotel building currently under construction in the heart of Dublin, Ireland, on behalf of its European Real Estate Long Income (E-RELI) Fund.
The property, which is scheduled for completion at the end of 2022, occupies a prominent corner site position within the Dublin 2 postcode. It has been pre-let to Premier Inn under a long-term lease.
Located at the junction of Gloucester Street and Princes Street South, the property is within the South Docklands business district of the city centre. Financial details were kept confidential.
Isabel Gossling, co-fund manager of the European Real Estate Long Income Fund at Aviva Investors, said: ‘We are pleased to have secured such a high-quality asset in a prime location within this dynamic city, and to be working with Red Rock Developments in delivering the project to a best-in-class operator such as Premier Inn. In line with the overall strategy of the Fund, we expect this asset to provide investors with consistent long-term income which is underpinned by an investment-grade covenant and, importantly, linked to inflation. Current market conditions are reinforcing investor demand for assets of this nature, which we expect will continue to grow over the course of this year.’
Source: propertyeu.info on the 23rd of June
https://propertyeu.info/Nieuws/Aviva-fund-acquires-Dublin-hotel/a953d8b2-cfbd-4666-ace8-b8eaf67f2278