Acting on behalf of Alternative Income REIT PLC and Investment Adviser, M7 Real Estate Ltd, Mason Owen negotiated the sale the Mercure Glasgow City Hotel, Ingram Street, for £7,500,000 to the incumbent tenant, S Hotels & Resorts (UK) Limited. The sale represented a 7.9% premium on book value at 30 June 2023 and a net exit yield of 8.9%
Simon Bennett, Non-Executive Chairman of Alternative Income REIT PLC, commented: “We are pleased to sell the hotel in central Glasgow at an attractive 7.9% premium to book value. The sale will enable the proceeds to be recycled into one or more properties as the Group seeks to achieve further diversification of the portfolio’s tenants and assets.”
Simon Bland of Mason Owen and Chris McDaid of Brodies Solicitors acted for the vendor and Steven Fyfe of Savills and Aberdein Considine represented the purchaser. The Investment Advisor to Alternative Income REIT PLC is Jane Blore of M7 Real Estate and the property portfolio is managed by David McCallum of Mason Owen.
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