Mutualidad de la Abogacía sells three hotels to Plusell Blis for €62.5M

Mutualidad de la Abogacía sells three hotels to Plusell Blis for €62.5M

Mutualidad de la Abogacía has sold three holiday hotels to Plusell Blis, for 62.5 million euros, in an operation that yields a capital gain of close to four million.

The three complexes, which have a total of 768 rooms and a total area of ​​55,116 sqm, are located in Vera Playa (Almería), Almuñécar (Granada) and Torremolinos (Málaga). All of them are leased and will maintain the lease contracts prior to this operation, which has been advised by Cushman & Wakefield.

"This operation consolidates the real estate investment strategy of Mutualidad de la Abogacía, which is none other than to generate value for our mutual members through the management of real estate with potential in the medium and long term," says Carlos Pérez-Baz, director of real estate investments of the insurer.

Currently, Mutualidad de la Abogacía has a portfolio of 44 assets, with a total area of ​​223,221 sqm and a market value of more than 763 million euros. In addition, it participates in the shareholding of the socimi Inbest Prime IV Inmuebles and in Almagro Capital, forming part of the board of directors of both entities; as well as holding shares in the real estate investment funds Meridia IV and Ardian Real Estate European Fund II.

According to Albert Grau, partner and co-director of Cushman & Wakefield Hospitality, "this investment confirms the existing interest in the hotel sector in Spain, especially in holiday destinations located along the entire peninsular coast, and not only in the destinations considered most prime The vacation segment remains attractive because forecasts point to its rapid recovery after the pandemic, which will make it possible to close new operations throughout 2022."

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