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Aviva Investors buys freehold interest in London hotel development site

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Aviva Investors buys freehold interest in London hotel development site

Aviva Investors Global Services Ltd. purchased the freehold interest in a hotel development site in East London's Docklands for £106 million, propertyfundsworld reported.

The asset manager made the acquisition through the Lime Property Fund, its long-income real estate fund.

Rockwell will develop the site, with a 400-bed Premier Inn hotel scheduled for completion in early 2022.

Premier Inn's parent company, Whitbread PLC, will sign a 35-year lease on the hotel and restaurant at an initial rent of £4.4 million annually, subject to five-year rent evaluations.