Whitbread plc announces the sale and leaseback of its 389 room hub by premier inn hotel in kings cross, London

News Hour:

As announced in April, Whitbread is planning to carry out sale and leaseback transactions this year with proceeds of £100 to £150 million.

As part of this, Whitbread announces today it has exchanged agreements with Legal and General for the sale and leaseback of its 389 room Hub by Premier Inn hotel in Kings Cross, due to open in 2017, in exchange for a 25 year lease agreement.

Legal and General will pay £84.5 million in cash for the property, with an initial payment of £46.5 million on exchange. Further staged payments will be made during the construction period with a final balancing payment being made on completion of the hotel in June 2017.

The total sale price of £84.5 million produces a net initial yield of just under 4% against an annual rent of £3.5 million.

Md. Rafiuzzaman Sifat, a CSE graduate turned into journalist, works at News Hour as a staff reporter. He has many years of experience in featured writing in different Bangladeshi newspapers. He is an active blogger, story writer and social network activist. He published a book named 'Se Amar Gopon' inEkushe boi mela Dhaka 2016. Sifat got a BSc. from Ahsanullah University of Science & Technology, Bangladesh. He also works as an Engineer at Bangla Trac Communications Ltd. As an avid traveler and a gourmet food aficionado, he is active in publishing restaurant reviews and cutting-edge articles about culinary culture.
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