London-listed hotel group MWB has completed the sale-and-leaseback of five hotels for a combined total of £103 mln (EUR 120 mln).

The disposals, which were first announced in July and August, were carried out through the group's 82.5%-owned subsidiary MWB Malmaison Holdings Limited.

The net proceeds of the sales and leaseback have been used to reduce Malmaison's debt by £100 mln to £180 mln.

The assets in Birmingham, Manchester and Newcastle were acquired by L&G for £55.3 mln; the Charterhouse Square asset in London was bought by German fund manager Deka for £31.5 mln while a property in Aberdeen went to Aviva for £16.1 mln.