AXA’s real estate division has completed a joint venture with ATP to acquire two City hotels for £180m from Chelsfield Partners.
The hotels in St Paul’s, EC4, and Gracechurch Street, EC3, cover 204,000 sq ft and contain 468 bedrooms and seven retail units.
Huw Stephens, head of UK transactions, AXA IM – Real Assets, said: “This transaction represents an attractive investment, adding two high-quality, well-located freehold central London assets to our over €6bn UK portfolio, which benefit from having income secured on long-term contracts in addition to significant underlying alternative use value through retail/restaurant leases. Together with our investors, we are looking forward to a continuing partnership with Club Quarters as the assets enter a new phase.”
