LGIM Real Assets (Legal & General) announces on behalf of its Linked Life Fund that it has signed an agreement to develop a new hotel in the heart of Glasgow city centre. The hotel has been pre-let to MEININGER Hotels on a 25 year lease.
29 Mar 2018
Legal & General is committed to transforming UK cities and towns through meaningful regeneration, creating new jobs and driving economic growth. As the centre of Glasgow continues to transform, this new development, designed by NORR architects, will form an important part of the cities ongoing regeneration.
The hotel will be located on West George Street immediately opposite Queen Street Station, which itself is under redevelopment. The new hotel will provide 160 rooms and the scheme will also create around 1400 m2 of new retail space at basement, ground and mezzanine levels. The opening is scheduled for 2020 with construction due to begin this year.
Craig Westmacott, Senior Fund Manager, LGIM Real Assets, said: “We are pleased to be working with Meininger Hotels as they seek to expand their successful brand into the UK. This site is an excellent location for a new hotel and together with the redevelopment of Queen Street station will bring significant improvements to this key area of Glasgow city centre.”
Hannes Spanring, CEO of MEININGER Hotels, adds: "Great Britain is a very important market for us and Glasgow as Scotland's largest city is the perfect location for another MEININGER hotel in the UK. The Glasgow hotel is an excellent addition to our portfolio, due to its prime location in the heart of the city centre."
The hotel in Glasgow will be the second hotel for the MEININGER Group in the UK. MEININGER also has been operating a hotel in London since 2006 and is looking to continue to expand into other key UK cities.
About MEININGER Hotels
MEININGER is a subsidiary of Holidaybreak Ltd, a travel group specialising in educational and activity holidays. Holidaybreak Ltd is a subsidiary of Prometheon Holdings (UK) Ltd, which is a part of Cox & Kings Ltd. Cox & Kings Ltd is listed on the National Stock Exchange, the BSE Ltd in Mumbai.
MEININGER is a unique hotel product that combines the service and comfort of an international budget hotel with extra facilities, such as a guest kitchen and a games zone. The central location, high quality furnishings and fair prices appeal to people of all ages and backgrounds. With the right dose of MEININGER humour and an enthusiastic team, MEININGER hotels with their guests from all over the world become a real home away from home.
The bedrooms range from traditional double rooms through private rooms with multiple beds right down to a bed in a dorm room. The hotels are tailored and adapted to the specific location and the market served by the hotel. The unique and flexible design of each hotel makes it possible to appeal to various target groups alike, such as school groups, families, individual travellers and corporate guests.
MEININGER currently operates 20 hybrid hotels in Europe, with a total of 10,492 beds in 12 European cities including Amsterdam, Berlin, Brussels, Copenhagen, Frankfurt/Main, Hamburg, Leipzig, London, Milan, Munich, Salzburg and Vienna. Contracts for 15 new hotels in Berlin, Brussels, Budapest, Dresden, Geneva, Heidelberg, Lyon, Milan, Munich, Paris, Rome, Saint Petersburg, Zurich and now Glasgow have already been signed. MEININGER has ambitious plans for growth - in this regard, the focus is no longer only on Europe – possibilities for an expansion to North America and Asia are also being sounded out.
Target locations in the UK beside London and Glasgow are Edinburgh, Manchester and Liverpool.
In the ‘TREUGAST Investment Ranking 2016’, the MEININGER Group achieved an AA rating. The group is headquartered in Berlin.
Please contact Robert.Seeley@meininger-hotels.com for further information.
Notes to editors
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
* at 30 June 2021