The firm advised asset manager Mazabi on the acquisition of The Queen’s Gate Hotel in Kensington, London, in a sale-and-leaseback transaction from Spanish entity Abba.
SJ Berwin partner Matthew Priday said: “It’s the first big deal between our London and Madrid real estate practices on the back of [real estate partner] Enrique Isla joining us with two associates last year.”
Mazabi is a longstanding client of Isla, who advised on the development agreement with associate Marta Orc. Priday, assisted by associate Madonna Kinsey, advised on document and due diligence. A team of construction, planning and tax advisers also helped.
The hotel will be operated by Abba and is currently being refurbished with plans to reopen within the next four months.
“The client has an amount of cash to spend,” said 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 manages investments in the real estate sector.