Y. T. Realty (00075) said it has purchased a property located at 1 Harrow Place and 11 White Kennett Street, London at GBP42.34 million (equivalent to about HK$434 million) (subject to adjustment).
The London property is leased to Travelodge Hotels for a term of 35 years from 26 April 2007. It generated a gross rental yield in the region of about GBP2 million (equivalent to about HK$20.52 million) per annum for the previous financial year.
At the end of February 2016, the Group acquired the remaining interest in 1 Chapel Place, a prime commercial property in the West End of London, the United Kingdom. Acquisition of the London property, which comprises about 45,528 square feet of six-storey and 142-bedroom hotel complex located in a convenient location in Central London operating as the Travelodge London Central - Liverpool Street Hotel, will further expand the Group's overseas property portfolio and enhance its strategic investment in well-developed markets such as the United Kingdom. It is expected that the London property will generate a stable and recurrent rental income for the Group.
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