London – LAWFUEL – Law News Network – DLA Piper has advised aAIM, the property fund, on its joint acquisition with property investor Robert Tchenguiz of the Menzies Hotel Group for approximately £180 million.
aAIM has formed Piccadilly Hotels, a 50-50 partnership with Robert Tchenguiz’s R20 investment vehicle.
The Menzies Hotel Group was bought from Nikko Principal Investments, which has owned the 16-strong chain since December 2004. The Group is underpinned by strong real estate and is now expected to play its part in the consolidation of the UK provincial 4 star hotel market. Financing for the deal was arranged by Bank of Scotland.
The DLA Piper team was led by corporate partner Sean Scanlon, with assistance from real estate finance partner, Stephen O’Brien, real estate partner, Richard Crossfield and tax partner, Tracey Fisher.
Sean Scanlon commented: “The was an excellent transaction on which to be instructed and we were delighted to be able to demonstrate the strength of our corporate, real estate and real estate finance practices for the benefit of both aAIM and R20.”