UK Commercial Property REIT said it had bought a hotel development opportunity in Leeds, from Marrico (Sovereign Square) Ltd, a joint venture between Marrico LLP and Helios for £62.7m.
The site was owned by Leeds City Council. UKCM is to fund the development and Marrico will complete construction.
“The acquisition is in line with UKCM’s strategy to invest in operational real estate sectors that are expected to deliver resilient rental incomes,” the company said on Thursday.
