International law firm Trowers & Hamlins has advised on the sale of a majority stake in leading hospitality group Troia and Caprice Holdings, owner of the Ivy Collection and private members’ club Annabel’s, as part of a transaction that will support the group’s next phase of international expansion.
The deal, led on the real estate side by Partner Julien Allen, saw a strategic investment by DIAFA, an entity affiliated with global investment group IHC, providing more than £1 billion of backing to support long term growth plans. Richard Caring will remain executive chair, continuing to oversee the business alongside the new investor.
The transaction paves the way for international expansion of the group’s premium hospitality brands, as to which Trowers & Hamlins are currently advising the client on the acquisition and establishment of Annabel’s in New York (planned opening in 2027).
Trowers & Hamlins advised on the real estate aspects of the investment transaction, drawing on the firm’s longstanding relationship with Caprice Holdings and its extensive experience advising hospitality and leisure clients on complex, high profile transactions and cross-border expansion, particularly across the Gulf.
Julien Allen, Partner at Trowers & Hamlins, said:
“This transaction marks an important milestone for a client I have worked with for 20 years and reflects the scale of ambition behind the group’s international growth plans. It is an exciting moment to help support the expansion of such iconic brands into carefully selected global markets. Our depth of experience in the establishment of high-end leisure projects and long-standing reputation in the Middle East, mean we are ideally placed to advise on transactions of this nature.”
Julien was assisted by Real Estate Associate Tom Hosking, with support from Real Estate Partner Samir Nathwani, Associate Hannah Eastaff and Planning Associate Tim Brown. The corporate transaction was led by Alex Kay at Herbert Smith Freehills. Norton Rose Fulbright acted for DIAFA.
