British Land sells serviced apartments for £70m

Gem Hotels has bought Wardrobe Court, EC4 – a collection of 92 serviced apartments set across a group of central London townhouses, from British Land. The historic property was sold for £70m with vacant possession and generated interest from European, North American and Asian investors. The sales process was run by CBRE. Jay Matharu, head of acquisitions for Gem Hotels, said: “The principal shareholders have 40 years’ experience in acquiring, owning, developing and constructing hotels and serviced apartments in London.   “We understand the complexity of owning and developing hospitality accommodation within Central London, and have ambitious plans to continue increasing our presence and portfolio throughout London.” To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Image courtesy of PR