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Property investment trust UK Commercial Property REIT Ltd on Thursday said it acquired a hotel development opportunity in Leeds.
The site has been acquired from Marrico (Sovereign Square) Ltd, a joint venture between Marrico LLP and Helios.
UK Commercial Property plans to fund the completion of the development, which is to be completed by Marrico, for a total commitment of £62.7 million.
The 12-storey hotel will contain 305 rooms and is expected to complete in 2024. It will have a 25-year franchise agreement in place with Hyatt Hotels.
Fund Managers at UK Commercial Property, Will Fulton and Kerri Hunter, said: ‘This is the latest acquisition in line with the company's strategy to enhance earnings by selective investment in assets where the rents are derived solely from their operational performance.’
Last qwwk, the company raised its quarterly dividend by 6.7% to 0.80 pence per share to reflect its ‘current investment and development pipeline’.
Shares in UK Commercial Property were trading 2.0% lower in London on Thursday morning at 84.15p.
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