Completion of the acquisition of development site
PPHE completes acquisition of London development site for £17.5m, to build 182-bedroom Radisson RED hotel opening 2029.
- Site acquisition price £17.5 million
- Total all-in investment expected circa £90 million
- Minimum bedrooms 182
- Office space 41,000 sq ft
- Site size 13,000 sqm
- Expected unlevered annual yield at stabilisation high single digit
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Further to the announcement on 23 June 2025, the Company is pleased to announce that, via a subsidiary of its European Hospitality Fund (the "Fund"), it has now completed the acquisition of a development site near The City of London for a consideration of £17.5 million.
The 13,000 sqm mixed-use development site is located in a prime central location near the City of London and Tower Bridge and has planning permission. Due to open in 2029, the development will feature a select service Radisson RED lifestyle hotel, with a minimum of 182 bedrooms, a restaurant, bar and gym and 41,000 sq ft of office space. The Group expects an all in investment of circa £90 million for this project, including the site acquisition price of £17.5 million, with an expected running unlevered annual yield of high single digit at stabilisation. The development will focus on sustainability targeting a BREEAM 'Excellent' environmental accreditation.
This acquisition marks the second property to be acquired by the Fund in line with its strategy, following the earlier acquisition and development of the recently opened five-star art'otel Rome Piazza Sallustio.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.