Jastar Capital has purchased the Native Bankside aparthotel in London from Create REIT for more than £40 million.
The five-year old 75-unit aparthotel, located near Borough Market and Southwark Bridge, will continue to be operated by Native Places under a new long-term management agreement.
Savills advised Create REIT in the deal and Adnayton advised Jaster Capital.
What they said
Jay Matharu, acquisitions director of Jastar Capital said: “We are excited by the growth potential for aparthotels, there is no better asset in the sector south of the river than Native Bankside. It is in a superb, vibrant location and is expertly managed by Guy Nixon and the Native Places team, who we look forward to working alongside. It is a fantastic addition to our portfolio.”
Guy Nixon, CEO and founder of Native Group said: “Aparthotels are a safer haven than traditional hotels partly because customers stay for longer periods resulting in lower turnover & servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors. We are excited by the potential for growth at Native Bankside through our new partnership with Jastar.”