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Alternative Income REIT sells Glasgow hotel for GBP7.5 million

9th Aug 2023 11:52

(Alliance News) - Alternative Income REIT PLC said it has completed the sale of the Mercure City Hotel, Ingram Street, Glasgow, for GBP7.5 million.

The London-based investor, which specialises in alternative and specialist real estate sectors such as hotels and healthcare, said it has sold the hotel to the current tenant, S Hotels & Resorts (UK) Ltd.

It noted that the property represented 6.5% of the its portfolio at June 30. The disposal represents a 7.9% premium on the book value at the same date.

Alternative Income said it intends to redeploy the proceeds from this into additional investment assets "as soon as practical."

Non-Executive Chair Simon Bennett said: "The sale will enable the proceeds to be recycled into one or more properties as the group seeks to achieve further diversification of the portfolio's tenants and assets."

Shares in Alternative Income were down 0.5% to 63.00 pence each in London on Wednesday around midday.

By Sophie Rose, Alliance News reporter

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