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18 April 2017
M&G Real Estate, one of the UK’s largest property investors, has acquired the 150-year ground lease of the Marriott Courtyard hotel at Baxter’s Place in Edinburgh. The 240 bedroom Courtyard Edinburgh was developed by Chris Stewart Group and opened in late 2016.
It is the third Courtyard-branded Marriott hotel in the UK and is developed across three original category A listed Georgian townhouses with a modern extension to the rear. Facilities include meeting rooms, a fitness centre and an all day brasserie, as well as free high speed wifi. It enjoys a city centre location next to the Playhouse theatre and minutes from Princes Street, George Street and Waverley Station.
M&G Real Estate has over £1 billion invested in Scottish commercial real estate across the office, retail, student accommodation and hotel sectors.
Shailendra Shah, investment manager, M&G Real Estate says: “With over four million visitors to Edinburgh each year, the city is one of the UK and Europe’s leading hotel markets, having consistently achieved one of the highest revenues per available room in the UK – surpassed only by London in 2015.
“This investment helps to meet the demand from institutional investors for long term income with security that increases in line with inflation.”
Chris Stewart, CEO of Chris Stewart Group says: “We are delighted to have agreed terms with M&G Real Estate for the ground lease of the Courtyard Edinburgh hotel and we look forward to working with them again in the future.”
Savills advised M&G Real Estate and the Chris Stewart Group was advised by Knight Frank.
With over four million visitors to Edinburgh each year, the city is one of the UK and Europe’s leading hotel markets, having consistently achieved one of the highest revenues per available room in the UK – surpassed only by London in 2015.
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Notes to Editors
About M&G Real Estate
M&G Real Estate is the real estate fund management arm of M&G and is one of the top 25 real estate fund managers in the world by assets under management, with £26 billion invested in a broad spread of properties across Europe, North America and the Asia Pacific region (as of 31 December 2016). M&G Real Estate has a sector leading approach to responsible property management, and is committed to assessing and improving the sustainability performance of funds under management. For more information please visit www.mandg.com/realestate
M&G is an international active asset manager, investing on behalf of individuals and institutions for over 80 years. At 31 December 2016 the firm managed over £265 billion of assets through a wide range of investment strategies across equities, bonds, property and multi asset.
Headquartered in London, M&G employs over 1,900 people worldwide operating from offices across Europe and Asia.
M&G is the investment arm of Prudential plc in the UK and Europe.
This press release reflects the authors’ present opinions reflecting current market conditions; are subject to change without notice; and involve a number of assumptions which may not prove valid. It has been written for informational purposes only and should not be considered as investment advice or as a recommendation of any particular security, strategy or investment product. Past performance is not a guide to future performance.
The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial Conduct Authority’s Handbook. They are not available to individual investors, who should not rely on this communication. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents.
M&G Real Estate is a business name of M&G Investment Management Limited and is used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under number 936683 with its registered office at Laurence Pountney Hill, London EC4R OHH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. M&G Real Estate Limited is registered in England and Wales under number 3852763 with its registered office at Laurence Pountney Hill, London EC4R 0HH.