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Thursday, February 22, 2024

A&R advises Plusell Blis on €62.5m RE acquisition from Mutualidad de la Abogacía

Araoz & Rueda has advised Plusell Blis, a real estate manager specialised in the hotel sector, on its acquisition of three hotels in Spain from Mutualidad de la Abogacía

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The not-for-profit insurance company today announced the sale of three hotels to hotel investor Plusell Blis, located in Vera Playa (Almería), Almuñécar (Granada) and Torremolinos (Málaga) for €62.5 million.

The lawyers´ insurance company points out that the transaction yields a capital gain for the company of around €4 million. Likewise, all the properties sold are rented and will maintain the lease contracts in place prior to the operation.

The director of Real Estate Investments at Mutualidad de la Abogacía, Carlos Pérez-Baz, stressed that this transaction “consolidates Mutualidad de la Abogacía’s real estate investment strategy, which “is none other than to generate value for our members through the management of properties with potential in the medium and long term.”

Mutualidad de la Abogacía has a total of 44 properties in its portfolio, with a total surface area of 223,221 sqm and a market value of more than €763 million.

It is also a shareholder in the socimi Inbest Prime IV Inmuebles and Almagro Capital, where it also sits on the board of directors of both entities, and in the Meridia IV and Ardian Real Estate European Fund II real estate investment funds.

Araoz & Rueda advised Plusell Blis with a Real Estate team led by partner Jesús Conde, together with associate Inés Hevia Arias.

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