Ballymore sells Staycity Heathrow serviced apartments and hotel to Schroders for £32.4 million

London, 9 March 2016 – On behalf of Ballymore, CBRE Hotels is delighted to announce the sale of the Staycity Heathrow serviced apartments and hotel in High Point Village, Hayes to Schroders UK Real Estate Fund for £32.4 million, representing a net initial yield of 5.5%.

The serviced apartments, operated by Staycity, opened in 2012 and recently benefited from a 125-key hotel extension providing a total of 269 letting units. This represents the final phase of Ballymore’s High Point Village, a high-profile residential scheme on the doorstep of the new Crossrail station, Hayes and Harlington, opening in 2019. 

Richard Probert, Sales and Lettings Manager at Ballymore said: “This is a great way to complete our innovative and hugely successful High Point Village scheme. Ballymore is delighted to have secured a great tenant in Staycity and a sale to a discerning blue chip investor such as Schroder UK Real Estate Fund. We believe that the commitment of both parties is a testament to the high quality of the scheme and buildings as well as validation of Ballymore’s long-term commitment to the location.”

Lewis Corby, CBRE Hotels, commented: “Serviced apartments represent one of the fastest-growing parts of the hospitality sector; supply in the UK has grown at 3.9% per annum since 2008. Staycity has gained significant market presence over past few years, helped by their attractive leased operating model, appealing to a wider range of real estate investors and lenders.”

Ballymore was advised by CBRE Hotels.
Schroders was advised by JLL and Gowling WLG. 
Law firm Howard Kennedy, led by partner Kate Woodgate, advised Ballymore.

ENDS 
CONTACT:
Melanie Heath
+44 207 182 3991
melanie.heath@cbre.com
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide.  CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com .

About Ballymore Group 
The Ballymore Group is one of the UK and Ireland’s leading residential developers led by its founder, Chairman and CEO Sean Mulryan, who formed the company over 35 years ago. Committed to creating innovative mixed-use developments with a real sense of place, Ballymore is involved in a number of hugely exciting regeneration projects and have become renowned for developments which feature culture as a central consideration. With an attention to detail, a belief in quality architecture, a focus on putting people at the heart of all they do and a commitment to remaining involved in a development through all phases, Ballymore’s approach makes it a highly respected developer in London and beyond. Ballymore’s current development portfolio includes Royal Wharf in London’s Royal Docks, London City Island in Leamouth Peninsula, Embassy Gardens in Nine Elms on the South Bank, Wardian London adjacent to Canary Wharf and projects across Ireland, the UK, Europe and further London schemes in Wapping, Spitalfields, Shoreditch, West Hampstead, Brentford and Hayes.