Gatehouse Bank completes sale of InterContinental Hotels Group Global HQ
Gatehouse Bank plc (Gatehouse), a leading wholesale Shariah compliant investment bank based in the City of London, today announced that it has successfully completed the sale of InterContinental Hotels Group’s global HQ commercial property, Broadwater Park. The total amount of the sale reached £36.75 million, which yielded a profit on equity of 28.9% post costs and taxes.
InterContinental Hotels Group is a British multinational hotels company headquartered in Broadwater Park, Denham. Measured by rooms, it is the largest hotel company in the world and has over 4,600 hotels across more than 100 countries.
Located in a prime position within the western M25 office market, Broadwater Park boasts 97,223 sq ft (9.032sq m) of grade A commercial office accommodation arranged over ground and three upper floors. The freehold property also benefits from 310 car parking spaces and generates annual rental income of £2.39 million.
Mr. Fahed Boodai, Chairman of Gatehouse Bank, said: “We are pleased to reach a successful exit of our three-year investment in InterContinental Hotels Group, delivering substantial market-leading returns to our investors. The Bank’s broad network of real estate relationships along with the skill and experience of our real estate team played a vital role in the profitable sale of the investment and further underlines our value-creation strategy focused on sourcing properties located in high-growth areas.”
The transaction marks Gatehouse Bank’s 6th successful realisation in the past 12 months.
Gatehouse was advised by Savills on this transaction and the purchaser was advised by Michael Elliott.