APG’s UK Hotel Venture Makes Second Acquisition
Posted on 09/10/2020
London Central Portfolio Limited (LCP) is a U.K. real estate investment firm, founded in 1990 by Naomi Heaton. APG Asset Management NV and London Central Portfolio’s London hotels investment venture is investing £76.5 million to acquire Wellington Block in London, United Kingdom. The freehold island site is located in the southeast corner of Covent Garden. The seller is Capital & Counties Properties plc.
The hotels venture vehicle on the buyers’ side is called The Portfolio Club (TPC), which was formed in 2019. In December 2019, TPC acquired the Harrington Hall Hotel in South Kensington as its first asset.
The Wellington block comprises six separate properties. There are approved plans to develop a 146-room hotel, along with retail and restaurant space.
Keywords: Stichting Pensioenfonds ABP (“National Civil Pension Fund”).