Nadler Hotels has acquired 20,000 square feet of vacant office space in London's Covent Garden neighborhood from Legal & General Property, on behalf of its UK Property Fund, and is planning to open its fourth hotel in the city.
The group will open a 56-room hotel once it secures planning approval for the project. No opening date has been announced.
Gerald Eve advised Nadler Hotels on the transaction, while Legal & General Property was represented by CBRE as sole agent.
"[Walter House] has performed very well for the fund compared to the wider market over its hold period, and this subsequent sale allows us to crystalize those returns for our investors," Matt Jarvis, fund manager of the Legal & General UK Property Fund, said in a statement.
When complete, this will be Nadler's fifth overall property, joining The Nadler Kensington, The Nadler Soho, The Nadler Victoria and The Nadler Liverpool.