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Mixed-use property developer Rockwell has completed a £106m investment deal with Aviva Investors to fund the delivery of a new Premier Inn hotel adjacent to Westferry DLR station in East London.
Whitbread, Premier Inn’s parent company, will take a 30-year lease of the hotel and restaurant, and at 400 bedrooms, the Canary Wharf Westferry Premier Inn will be the largest Premier Inn hotel not located at an airport.
The 30-storey development, designed by architects SimpsonHaugh, will provide a “gateway” to Canary Wharf and is scheduled for completion in early 2022.
Aviva Investors, the global asset management business of Aviva, acquired the freehold interest of the site through its Lime Property Fund.
Kris McPhail, fund manager, Aviva Investors, said: “We are pleased to participate in this scheme with Rockwell and be part of the rejuvenation of the existing site.
“The transaction provides our investors with an attractive 30-year inflation linked income stream from a market leading UK corporate, underpinned by strong real estate with excellent transport links. These are exactly the type of investments we target for the Lime Property Fund.”
