The hotel has 171 rooms and is located in Whitechapel in the Borough of Tower Hamlets, one of the most deprived local authority districts.
It is the second investment from the firm’s Bridges Sustainable Growth Fund III, which recently held a final close on £125m. The fund focuses on sectors such as education & skills, health & well-being or the environment, as well as seeking to support “consumer champion businesses” serving underserved markets in under-invested areas.
The hotel has included a number of environmental technologies including solar panels and heat pumps which will result in a projected reduction of 30 per cent of CO2 emissions over benchmarks for similar developments and significantly reducing operating costs.
The team plans to roll-out the Qbic concept to other locations across the UK and is also looking for other potential sites in London.
In July the firm announced the launch of vetinary services company The Vet, the first investment of the Bridges Sustainable Growth Fund III.
It also exited The Hoxton Hotel last year, generating a 47 per cent return and 9x multiple. Most recently sold its majority stake in The Gym, a transaction that generated a 50 per cent IRR and 3.7x multiple.
Anne-Marie Harris, partner, Bridges Sustainable Growth Funds, said: “Qbic is an exciting new addition to London’s hotel scene and we are delighted to be working closely with Paul Rinkens and Paul Janmaat in bringing their concept to the UK. Together we hope to build up a business with great potential to succeed both commercially and by creating positive impact on local communities.”
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