LEGAL AND GENERAL BUYS MANCHESTER TRAVELODGE

Legal and General Property has acquired 19-31 Piccadilly Gardens in the city of Manchester, northwest England for £23.1 million. The deal, which represents an initial yield of 4.84%, includes the 157-room Travelodge Manchester Piccadilly Hotel, which is housed over the five upper floors of the building, and two restaurants and a supermarket, arranged over the ground and basement floors. The hotel opened at the beginning of this year and is let to Travelodge Hotels Ltd until 12 January 2039.

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