January 12, 2017 / 11:13 AM / 7 months ago

BRIEF-Whitbread concludes hotel deals in Westminster, Farringdon

Jan 12 (Reuters) - Whitbread Plc :

* Announces today it has completed two sale and leaseback transactions on Prime London Hotels

* Concluded with M&G investments for sale and leaseback of its Premier Inn Hotel in Tothill Street, Westminster, in exchange for a 25 year lease agreement

* M&G Investments will pay 101.825 mln stg in cash for property, with an initial payment of 73.7 mln stg on exchange

* Final balancing payment to be made on completion of hotel in October 2017

* Concluded with Aviva Investors for sale and leaseback of its 326 room Premier Inn in West Smithfield, Farringdon

* Aviva Investors will pay 102.86 mln stg in cash for property, with an initial payment of 66.0 mln stg on exchange

* Deals have both been completed against a net initial yield of just under 4 pct against an annual rent of 4.20 mln stg and 4.24 mln stg respectively

* Total proceeds from sale and leaseback transactions this year are now expected to be around 200 mln stg Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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