Gowling WLG's real estate team has advised on the delivery of London's largest Premier Inn Hotel.
Rockwell, a London-focussed mixed-use property developer, completed a £106 million investment deal with Aviva Investors to forward fund the delivery of a 400-bed Premier Inn hotel adjacent to Westferry DLR station.
Aviva Investors, the global asset management business of Aviva plc, has acquired the freehold interest of the site through its Lime Property Fund. Whitbread, Premier Inn's parent company and the UK's largest hospitality company, will take a 30-year lease of the hotel and restaurant, which will become the brand's largest hotel in central London.
The 30-storey development will provide a gateway to Canary Wharf and is scheduled for completion in early 2022. In addition to a hotel, which will create hundreds of jobs, Rockwell will also deliver 66 new homes of which 35% will be affordable.
Donal Mulryan, Founder of Rockwell commented, "This is a landmark development and we are delighted to complete the £106 million transaction with Aviva Investors. It's been a pleasure to work with both Whitbread and Aviva to realise the delivery of this fantastic scheme, which will have a meaningful legacy for the surrounding area. This is an excellent template for bringing forward similarly high-quality developments in the future."
Matt Walker, real estate partner at Gowling WLG added, "It is a privilege to have advised Rockwell on this complex and high value investment. This transaction is a testament to our cross disciplinary real estate expertise."
Members of Gowling WLG's real estate team, led by partner Matt Walker and senior associate Clare Swinnerton, advised Rockwell on the legal aspects of the transaction, with support from partner Mark Stephenson, senior associate Sarah Morris Poxton and associate Louisa McMurdo advising on construction.