Brace of London Club Quarters properties change ownership

George Sell By George Sell
17 January 2016 | Updated 17 January 2016

UK: Chelsfield Partners has sold two Club Quarters properties in the City of London for £180 million.

The buyer is a joint venture between AXA Investment Management Real Assets and Danish pension fund ATP.

The properties involved are the 203-room Club Quarters Gracechurch Street and the 265-room Club Quarters St. Paul's, both of which are operated by US management company Club Quarters on long-term management agreements. The freehold properties also include seven retail and restaurant units. HVS Hodges Ward Elliott acted as agent for Chelsfield Partners.

The transaction marks the first time ATP has invested in the UK hospitality sector. Michael Nielsen, CEO of ATP Real Estate, said: "We are happy to see our international real estate strategy diversifying also to the hospitality sector. The long-term secure income profile fits the investment needs for ATP very well."

Huw Stephens, head of UK transactions at AXA IM - Real Assets, said: "This transaction represents an attractive investment, adding two high-quality, well-located freehold central London assets to our over €6 billion UK portfolio, which benefit from having income secured on long-term contracts in addition to significant underlying alternative use value through retail/restaurant leases."

clubquarters.com

Be in the know.

Subscribe to our newsletter »

Our Events

Subscribe to our Newsletter »