International legal practice Osborne Clarke has acted for CBRE Global Investors on the sale and leaseback of Park Plaza London Waterloo, a newly developed 494-room hotel and spa in Central London.
The freehold interest is to be acquired by a unit trust created on behalf of several clients of CBRE Global Investors for £161.5 million, subject to a 199 year lease to a PPHE Hotel Group entity. The lease will have an initial rent of £5.6 million per annum with annual inflation adjustments subject to a cap and a collar.
BLP acted for PPHE Hotel Group on the deal.
Osborne Clarke is a recognised industry leader in real estate providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.