Nabarro advises Angelo Gordon & Co on first UK acquisition

Media > Nabarro news > Nabarro advises Angelo Gordon on first UK acquisition

29 July 2010

Nabarro LLP has advised Angelo Gordon & Co, a major US real estate private equity fund, on its first structured real estate acquisition in the UK. The private equity fund has bought St. Ermin’s Hotel in London’s St James’ as part of a three way partnership for £65m.

For the purchase of this historic hotel, Angelo Gordon & Co teamed up with US hotelier Amerimar Enterprises and UK real estate company, Gracemark Investments. The 275 room hotel was brought from NH Hoteles.

The partners intend to carry out a three-year refurbishment and redevelopment programme, which will include the proposed conversion of the vacant adjacent office building, if planning permission is granted. This will expand the hotel to 340 rooms.

Nabarro led the transaction across various jurisdictions (UK, Netherlands and US) dealing with the sale and purchase agreements for the Propco and Opco, the tax and structuring elements, debt financing as well as all the joint venture documentation. The Nabarro team was led by real estate partner Ciaran Carvalho and other members of the team being Clare Thomas and Matt Barnes (real estate), Justin Cornelius, Stewart Womersley and Lindsey Elliott (funds and indirect real estate), Simon Rose and Phil Anderson (tax), Clive Swillman, Catrin Evans and Chris Ford (banking), Tracey Marsden (employment) and Beth Sheehan (pensions). Addleshaw Goddard advised the seller and Norton Rose acted for the Bank.

Ciaran Carvalho, real estate partner at Nabarro comments:

“We were delighted to be able to advise Angelo Gordon & Co, Amerimar and Gracemark on their first UK acquisition together in a Propco and Opco structure. The transaction had a lot of complexity and challenges but the Buy Side team worked very closely together to achieve a successful outcome. We very much enjoyed working with Angelo Gordon and its partners and look forward to working together on future opportunities.”

If you would like any further information or have any queries please contact:

Ciaran Carvalho
Partner, Nabarro
c.carvalho@nabarro.com or 020 7524 6152

Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706