UK real estate giant Land Securities has completed the sale of Turnstile House in London for 拢43.5mln (EUR 55mln) to the international serviced residence group Ascott. The 7,750 m[sup]2[/sup] building is currently leased to Ascott, which operates it as a 192-bed serviced residence, trading as Citadines London Holborn-Covent Garden. The property also includes three retail units.
UK real estate giant Land Securities has completed the sale of Turnstile House in London for 拢43.5mln (EUR 55mln) to the international serviced residence group Ascott. The 7,750 m2 building is currently leased to Ascott, which operates it as a 192-bed serviced residence, trading as Citadines London Holborn-Covent Garden. The property also includes three retail units.
Richard Linnell, head of Investment Management for Land Securities' London Portfolio, said: 'Holborn has become a vibrant district and this building's location - on the doorstep of Covent Garden and with great public transport links - has made it a very attractive proposition as a hotel.'
Gerald Lee, Ascott's deputy CEO said: 'Ascott is buying this property because of its great location and the strong growth potential for serviced residences in London.' Land Securities was advised by Fineman Ross. The Ascott Group represented itself.
