LONDON’S CALLING: CITY ID SET TO POSITION ITSELF ON THE INTERNATIONAL MAP
City ID, the fast-growing Dutch apartment hotel group, with shareholders APG and Australia's Aware Super, has acquired a prime development site in Central London's Victoria district to build a new location for their brand in the heart of London.
The move forms part of a wider acquisition strategy which will see City ID invest more than € 1 billion over the next five years to increase its apartment hotel portfolio in London and across other major European cities.
The new property will be centrally located, only a 5-minute walk from Victoria Station. The location is an ideal base for locals and travellers - whether they are staying for business or pleasure. The project will collaborate with local design teams, suppliers and construction companies to create incredible spaces inspired by the surrounding environment, contributing to Victoria’s transformation. The hotel will create hybrid spaces for guests, foodies, local residents and neighbouring business workers. The entire project shares City ID’s values for sustainability and well-being.
The property will feature 116 generous apartments (studios, 1 bedroom and 2 bedrooms), a flexible workspace, a seasonal restaurant and bar with low volume consious supplies, as well as a gym and wellness areas. The property is expected to open its doors in 2024.
Alexander Goad, Chief Executive Officer at City ID, said: “We are very happy to create a fantastic new City ID location for our guests and local residents in this central location in one of London's most vibrant and culturally rich areas. We hope our spaces inspire, provoke and enrich our guests and provide a platform for those looking for short or long term accommodation. We are excited by the journey ahead and the ability to provide a new level of accommodation across Europe together with our shareholders APG and Aware Super over the coming years. Beginning in London, the first of many!”
Robert-Jan Foortse, Head of European Property Investments at APG, said:“We are very pleased to see the first City ID overseas acquisition become reality. We are looking forward to significantly accelerating the company’s international growth programme in the coming years.”
Alek Misev, Senior Portfolio Manager - Property at Aware Super, said: “This project is the start of a significant period of growth and expansion for the City ID portfolio and increases our exposure to the rapidly expanding European aparthotel sector. Through developments like this, we continue to deliver on our commitment to do well for our members through top long-term performance, while doing good in the community."
About City ID
City ID is a fast growing, award-winning and customer centric apartment hotel group, aiming to optimize the many touchpoints that result in an optimal stay.
Our apartment hotels offer fully equipped design apartments with the benefits of hotel services and amenities such as beautifully designed gym & wellness areas, restaurants serving seasonal food and in room service. The hotels are suited for business and leisure travellers looking for longer or shorter stays. A key focus for all hotel buildings is the incorporation of innovative sustainability solutions at every guest touchpoint.
Together with shareholders APG (known as the largest pension provider in the Netherlands) and Aware Super (one of Australia’s largest pension funds), we are implementing our strategy of international growth. We share the same long-term vision and passion to create a distinctive hotel platform where the guest experience is central. The goal is to invest over the next five years more than € 1 billion to grow its apartment hotel portfolio.
City ID is a fully integrated owner-operator and can acquire development sites and turnkey deliveries. Target developments include new builds, (office) conversions, mixed-use schemes and existing hotel conversions of 4.000 to 20.000 square metres in prime European capital city locations.
As the largest pension provider in the Netherlands APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately € 620 billion (August 2021) in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing.
About Aware Super
Aware Super is one of Australia's largest superannuation funds, managing more than $150b on behalf of 1.1 million members. Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns.
The acquisition process has been supported by Cushman and Wakefield, CBRE, Proskauer Rose, EY Tax, CMS, Deloitte Debt & Capital advisory and Gerard Nolan & Partners represented the seller 4C.
City ID secured a financing package from HSBC UK.
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