Valorem Investment Partners, advised by BNP Paribas Real Estate, has completed a Development Funding Agreement with Aviva Investors for the delivery of a 260 bed Dalata Maldron 4-star hotel on its prime located One Park Lane, Liverpool site.
McAleer & Rushe is appointed to build the hotel and construction will start in early 2022 with a programmed opening date of autumn 2023.
The hotel is pre-let to Dalata Plc on a 35 year lease with inflation linked rent uplifts through the term. The hotel will trade as a Dalata Maldron hotel, its 4-star lifestyle brand.
Aviva Investors, advised by Kimmre, is forward funding the GBP37.5 million development on behalf of the Aviva Linked Property Fund which will benefit from the quality long term index linked income stream post completion of the development.
The transaction is the first new regional forward funding since the pandemic started in March 2020 and following a great staycation summer reflects strong and growing confidence in UK regional hotels, a belief in Liverpool specifically as one of the strongest, balanced and resilient UK hotel markets and of equal importance the quality and strength of Dalata and the created income stream.
Source: propertyfundsworld.com on the 19th October