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Benson Elliot, Walton St & Highgate Buy Hotel Silken Diagonal For €80M

4 May 2017 – Real Estate Press

The British real estate fund Benson Elliot and the joint venture created by Walton Street and Highgate, have completed the purchase of the Hotel Silken Diagonal, located in the 22@ district of Barcelona, which will be managed by Highgate.

The establishment, which is located on the Barcelonan avenue in the 22@ district, has 240 rooms spread over nine floors and will now be renamed the Gates Hotel Diagonal Mar Barcelona.

Benson Elliot reached an agreement with the owner, a group of investors led by Oak Hill Advisors, at the end of last year. Nevertheless, it has only just formalised the operation, with the participation of the other two investor partners.

The new owners have decided not to disclose the amount of the operation, but, according to real estate sources, the figure amounts to around €80 million.

It is the second operation that Benson Elliot and Walton Street have completed after they acquired a portfolio of eight hotels worth €420 million in October 2015. Moreover, three years ago, the British fund purchased a plot of land on which to build offices, which it sold to Colonial last year for €45 million. In addition, it sold an office building located in Poblenou to a fund managed by UBS for €80 million.

Benson Elliot was founded in 2005 and is headquartered in London. It specialises in real estate investments and currently has €1,500 million in assets under management.

Original story: Real Estate Press

Translation: Carmel Drake