Prima Asset Management Acquires Prime Hotel in London, Paddington

SINGAPORE, June 14, 2024 /PRNewswire/ -- Singapore based private equity real estate firm, Prima Asset Management announces the strategic acquisition of an ultra-rare freehold hotel in one of London's most attractive sub-markets.

Focused on developing a robust pipeline of opportunities across the United Kingdom, this strategic move marks Prima's commitment to the market, via their VCC Investment Fund, managed by First Degree Global Asset Management.

In partnership with Capilon Group, a specialised London based hotel operator and developer, and financed by OakNorth Bank, the newly acquired hotel is set to undergo an extensive refurbishment, transforming it into a landmark destination boutique upper upscale hotel. As part of the refurbishment, the hotel will undergo an exciting enhancement, increasing its key count from 68 rooms to over 80 rooms, which will have an end value of circa S$70m.

Preserving the building's original Georgian architecture, design will focus on retaining and celebrating its unique architectural features whilst placing a high level of importance on the conservation of London's "Arts & Cultural Hub", the hotel will be positioned to offer a truly authentic neighbourhood experience in one of the city's most desired locations.

"With our proven track record in identifying and structuring unique risk-adjusted real estate investment opportunities, the strategic acquisition of this prime property not only signifies our focus on the resilient London hotel market but also positions us in one of London's most attractive growing sub-markets," says Ben Hall, Co-Founder and Chief Executive Officer of Prima Asset Management.

Birbal Singh Bajaj, Co-Founder and Partner at Prima, added, "With London recording the second highest international tourism arrivals globally in 2023, we are confident in the long-term prospects the city has to offer as it remains an attractive and robust investment destination. This investment resonates with us personally as it reminds us of our family's continued interest and investments in the Singapore Shophouse market."

About Prima:
Prima Asset Management, an experienced global real estate private equity firm, backed by Baksh Capital, specialises in identifying, structuring and managing real estate investments with a strong focus on delivering risk-adjusted returns across market cycles.

About Capilon Group:
Capilon Group, founded in 2004 is a London based property developer and operator, with a specific focus on central London hotels. Since founding, the group has evolved, acquiring, developing and operating over 11 hotels throughout key areas of London including Bloomsbury, Kensington, Paddington and Victoria.

Contact:
Michael Van den Brande
+6589499510
[email protected]

SOURCE Prima Asset Management