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Urban&Civic sells hotel at London's Stansted Airport for £48.3M

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Urban&Civic sells hotel at London's Stansted Airport for £48.3M

Urban&Civic plc said it sold the Hampton by Hilton hotel at London's Stansted Airport to LGIM Real Assets (Legal & General) for a minimum consideration of £48.3 million.

The newly completed hotel opened in July.

The deal reflects a projected yield on stabilized EBITDA three years forward of 6.75%.

Urban&Civic will also receive an additional £1.1 million, subject to operational performance of the asset over the next two years.

The company expects a profit of roughly £8.5 million on actual cost. The proceeds will go toward development of further strategic projects.