MWB has completed the sale of four Malmaison hotel projects in a sale-and-leaseback deal, PropertyEU reports. The new owners of the hotels, Germany’s Deka Immobilien and U.K. fund manager Legal and General Property, paid a total £86.8 million in cash for the acquisition. The sale proceeds will be used to decrease Malmaison’s debt, which was £272.1 million on Dec. 31 2010, adds Property Week. On the completion of the sale, the Paris properties will be leased back to Malmaison for an initial annual rent of £6.1 million on 70-year lease terms.
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