MWB sells Malmaison Aberdeen for £16.1m
by Tom Walker | 31 Aug 2011
MWB Group Holdings (MWB) has sold its Malmaison Aberdeen hotel to CIP Property in a sale and leaseback deal worth £16.1m.
The 80-bedroom hotel will be leased back to Malmaison Aberdeen Limited (MAL) - MWB's wholly owned subsidiary that operates the hotel - for an initial annual rent of £1.2m.
MAL will enter into a 35-year with the option of taking a further 35-year lease.
The transaction is conditional on approval by MWB shareholders.
According to a spokesperson, proceeds from the transaction will be used to reduce the indebtedness of Malmaison, which as at 31 December 2010, amounted to £272.1m.
Richard Balfour-Lynn, MWB's CEO, said: "This fifth sale and leaseback is enabling us to reduce Malmaison's debt by more than £100m which, in today's market we regard as extremely beneficial.
"The Malmaison and Hotel du Vin brands continue to show great resilience in the current economic climate and remain a firm favourite of our loyal customer base.
"We are now creating a platform to further expand our business both nationally and internationally."
MWB Group Holdings (MWB) has sold its Malmaison Aberdeen hotel to CIP Property in a sale and leaseback deal worth £16.1m. The 80-bedroom hotel will be leased back to Malmaison Aberdeen Limited (MAL) - MWB's wholly owned subsidiary that operates the hotel - for an initial annual rent of £1.2m. MAL will enter into a 35-year with the option of taking a further 35-year lease. The transaction is conditional on
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