L&G acquires YOTEL London Clerkenwell for €81m

LGIM Real Assets, on behalf of its Managed Property Fund, has purchased the YOTEL London Clerkenwell, a hospitality asset located at 96–100 Clerkenwell Road in Farringdon, London, from James Cowper Kreston Administrators for £70 million (€81 million/$98 million).

YOTEL will continue to operate the property under a long-term management agreement. YOTEL London Clerkenwell is the YOTEL group’s first central London hotel and features 212 cabins, as well as Komyuniti, an all-day restaurant, bar and co-working space that offers street-food inspired sharing plates, craft beers and cocktails. The hotel also has two meeting rooms, a 24/7 gym and Grab+Go snack bar.

In addition to the hotel, the property comprises 3,000 square feet of retail space and five apartments totaling 5,000 square feet. The building was completed in May 2020 and the hotel has been open since August 2020.

The transaction is one of the first central London hotel transactions since the onset of