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Aviva Investors has snapped up a hotel in Dublin’s docks on behalf of its European Real Estate Long Income Fund.
The hotel, which has been prelet to Premier Inn, is situated at the junction of Gloucester Street and Princes Street South in the South Docklands business area in Dublin 2.
According to Aviva the area is “well served by public transport and from a leisure perspective, is located within walking distance of Trinity College, Temple Bar, O’Connell Street and most of the city’s main leisure attractions”.
The hotel is set to complete by the end of 2022 with Premier Inn signing a long-term lease. The scheme is being developed by Red Rock Developments.
“In line with the overall strategy of the fund, we expect this asset to provide investors with consistent long-term income which is underpinned by an investment-grade covenant and, importantly, linked to inflation,” Aviva European Real Estate Long Income Fund co-Manager Isabel Gissling said.
Aviva Investors was advised by Dan O’Connor and Brian Shields of JLL. Red Rock was advised by Fergus O’Farrell of Savills and Byrne Wallace Solicitors.
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