Spanish company Mazabi Gestion de Patrimonios has acquired the Abba Queen's Gate hotel in Kensington, London valued at around EUR 40 mln. The property was bought through a sale-and-leaseback agreement with hotel operator Abba.
Spanish company Mazabi Gestion de Patrimonios has acquired the Abba Queen's Gate hotel in Kensington, London valued at around EUR 40 mln. The property was bought through a sale-and-leaseback agreement with hotel operator Abba.
The asset is currently being refurbished and is expected to re-open its doors within the next four months. Abba will continue to operate the property. SJ Berwin advised the buyer on the transaction.
'It's the first big deal between our London and Madrid real estate practices since last year,' said SJ Berwin's partner Matthew Priday, adding that the client has 'an amount of cash to spend'. Priday: 'Hopefully it will be the first of a number of transactions we'll do for them in London.'
Abba was advised by Antonia Brandes of Fladgate and Javier Murua of Jurinet.
Mazabi Gestión is the result of the merger of six family offices active in the Spanish cities of Madrid, Barcelona, Bilbao, Zaragoza and Malaga. The firm has more than EUR 300 mln of real estate managed through 29 national and international investments.