Mishcon de Reya has advised longstanding client, Chelsfield Partners LLP, on the sale of two Central London hotels managed by Club Quarters for £180 million. The transaction involved the sale of the Luxembourg holding company, Cleavon S.a.r.l, to AXA and ATP, Denmark's largest pension fund.
The two freehold assets, situated in St Paul’s and Gracechurch Street, cover a total area of 204,000 sq ft and consist of 468 luxury bedrooms and seven retail and restaurant units. AXA Investment Management Real Assets bought the hotels from Chelsfield Partners on behalf of the joint venture. The deal was completed on 14 January 2016.
The Mishcon team was led by Real Estate Partner Nick Minkoff and Corporate Partner Ross Bryson. Commenting on the sale, Nick said:
"We are pleased to have acted for longstanding client, Chelsfield Partners, on this transaction. A complex deal like this allows us to utilise our capabilities in both the real estate and corporate sectors."