Riverside Capital has contracted to sell its Travelodge in Torquay for £8.50 million, reflecting a net initial yield of 4.43% based on the existing rent passing.
The 90-bedroom hotel, acquired in September 2015, has been sold ahead of plan and shows an IRR of 17.29%. The transaction is due to complete in March with the lease subject to an open RPI uplift in September this year.
Its sale once again highlights the thirst for index linked income within the budget hotel sector.
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Jason Roy, England opening batsman and Riverside Capital ambassador, hit a record breaking one-day international score by an England player with 180 runs in the first ODI in Melbourne.
His 180 from 151 balls made for England’s all-time highest individual ODI score and formed the backbone of their chase, overhauling Australia’s 304 with five wickets to spare.
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The 33,179 sq. ft. former Victorian warehouse on City Road was purchased by the company’s private investor platform for £27.5m. Clients invested a total of £16.2m in equity, with the remaining balance being provided by Lloyds Banking Group.
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Riverside Capital has reached practical completion on its Leeds retail investment: two new-build properties, which were forward funded in April last year.
The properties are let to Aldi supermarket, Pure Gym and discount retailer, Poundworld on 20, 15 and 12 year leases respectively.
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Riverside Capital has exchanged contracts to purchase “Old Street Works” on City Road, London EC1 - the heart of London's "Tech City".
The property investment company will raise £16.2m of equity from its investor base, together with senior debt provided by Lloyds Banking Group to complete the transaction.
The ground and lower ground floors are let to retail tenants including Nando’s and Bodean’s restaurants, with the four upper floors being office accommodation currently 50% let to a range of tenants, mostly within the Technology, Media and Telecoms (TMT) sector.
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Jason Roy, England opening batsman and Riverside Capital ambassador, has been named as one of only three England-qualified players to play in the new South African T20 tournament.
Along with England captain Eoin Morgan and former England star Kevin Pietersen, Jason is one of eight ‘marquee’ internationals who have signed up to enter a draft for the franchise, scheduled to take place in November.
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Riverside Capital has completed the sale of its’ stake in Best Western Cresta Court Hotel, Altrincham. The sale was completed by way of an MBO, backed by Vine Hotels Ltd, the hotel operating company owned by Greg Dyke.
Having originally acquired 80% of the business in February 2013, the 140-bedroom property has been significantly upgraded during the four year hold period.
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Riverside Capital is delighted to announce that it will continue its partnership with ambassador, Jason Roy, for the upcoming season.
Jason and the rest of the One Day International team have just returned from a triumphant victory over the West Indies in the ODI series.
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Riverside Capital has successfully funded two investment opportunities, a portfolio of Travelodge Hotels and two logistics warehouses let to DPD UK Ltd.
The successful raises mark the completion of the two investments. Equity was raised from Riverside Capital’s own private investor platform, with the bulk of the DPD investment being raised in just 6 weeks.
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Riverside Capital has completed on the purchase of two purpose-built delivery depots for its investors. The depots are let to DPD group UK Limited for terms of 20 and 25 years.
Located in Swinderby, near Lincoln and in Aberdeen, both units - particularly the Aberdeen unit, where a longer lease has been taken - will play a key role in DPD’s strategic growth plans in the UK.
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