Invesco Real Estate and YardNine secure sale of project to U.K. pension fund

Invesco Real Estate, the global real estate investment manager, alongside development manager YardNine, the property development and asset management company, have agreed to contracts with U.K. pension fund USS to forward fund 40 Eastbourne Terrace, a development next to Paddington Station in London W2, at a price of £143 million (€167 million/$192 million).

Invesco Real Estate and YardNine signed a pre-let with Whitbread Plc. in January 2021 for a new 369-bedroom hotel and restaurant as part of a major mixed-use development on a 35-year index linked lease at 40 Eastbourne Terrace next to Paddington Station.

The hotel will comprise a 275-bedroom Premier Inn, a 94-bedroom hub by Premier Inn and Whitbread’s premium Bar + Block Steakhouse restaurant — the first time all three brands will occupy the same building.

Invesco Real Estate acquired both 40 and 50 Eastbourne Terrace on behalf of one of its U.S. separate-account clients in July 2018. The redevelopmen