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.
The Osborne Clarke team who advised on the transaction was Partner Ian Wilkinson, Partner Tim Simmonds, Senior Associate Jennifer Brace and Associate Director Alison Riddle.
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.