19th October 2006
EC&O Venues has announced that, further to the July sale of the properties occupied by the Brewery to Matrix Group Limited, via sale and leaseback, the second part of the site break-up has been achieved with a sale to GuestInvest of the vacant areas abutting the Brewery site. GuestInvest, having recently entered into a partnership and financing arrangement with Bank of Scotland, plan to develop the space into an aparthotel with 175 bedrooms.
EC&O Venues acquired the Brewery site and adjoining properties in October 2005 from Whitbread PLC for £55m, in a deal funded by Investec Private Bank. The £27.5m sale to GuestInvest brings total property-related proceeds realised so far from the acquisition to over £65m, with further sales and development plans to be announced.
Anthony Lyons, chief executive of EC&O Venues, believes the new GuestInvest aparthotel will be an excellent complement to the Brewery's increasingly successful conference and banqueting business.