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Cyril Amarchand Mangaldas Advises APG Strategic Real Estate Pool N.V. on Fleur Hotels Transaction

By GeoSquare News Desk · Published 2026-01-14

Cyril Amarchand Mangaldas (CAM) has acted as legal counsel to APG Strategic Real Estate Pool N.V. (APG) in a significant transaction involving the proposed acquisition of a 41.09% equity stake in Fleur Hotels Limited (Fleur) by Coastal Cedar Investments B.V., an affiliate of Warburg Pincus LLC. The transaction is part of a strategic reorganization by Lemon Tree Hotels Limited (Lemon Tree), which will demerge its hotel assets into Fleur through a scheme of arrangement, leading to the listing of Fleur on the stock exchange.

The demerger and listing of Fleur are strategic moves aimed at optimizing the hotel assets and enhancing shareholder value. APG, a prominent European pension fund, has been a significant investor in the Indian hospitality sector, and this transaction marks a crucial step in its portfolio management.

The transaction is subject to customary conditions and regulatory approvals, including the nod from the Competition Commission of India (CCI). This ensures that the deal complies with antitrust laws and maintains fair competition in the market.

Cyril Amarchand Mangaldas, one of India's leading law firms, provided comprehensive legal advice to APG throughout the transaction. The firm's team was led by Ruetveij Pandya and Molla Hasan, both Partners, with significant support from Abhilasha Malpani (Principal Associate), Mansi Avashia, Kajal Singhvi, Sanskruti Kulkarni, and Karshin Malik (Associates). The team's expertise in corporate and commercial law, coupled with their deep understanding of the hospitality sector, was instrumental in navigating the complexities of the deal.

Additionally, the competition-related aspects of the transaction were advised by Avaantika Kakkar, Partner and Head of the Competition Practice at CAM, along with Dhruv Rajain (Partner) and Mohini Parghi (Associate). Their insights into competition law ensured that the transaction adhered to regulatory requirements and minimized potential antitrust issues.

The successful completion of this transaction is expected to have a positive impact on the Indian hospitality sector, fostering growth and innovation. It also highlights the growing interest of international investors in the Indian market, particularly in the real estate and hospitality segments.

Cyril Amarchand Mangaldas has a strong track record of advising on high-stakes transactions in various sectors, including real estate, infrastructure, and hospitality. The firm's commitment to providing top-tier legal services has made it a preferred choice for clients seeking expert counsel on complex and strategic deals.

For APG, this transaction represents a strategic exit from its investment in Fleur Hotels, allowing the fund to realize value from its significant stake and reinvest in other opportunities. The transaction also underscores the robustness of the Indian hospitality market and the continued interest of global investors in the sector.

The demerger and listing of Fleur are expected to create a more focused and efficient company, better positioned to capitalize on the growing demand for hotel services in India. This move is anticipated to benefit all stakeholders, including shareholders, employees, and customers, by enhancing operational efficiency and driving long-term growth.

In conclusion, the transaction represents a significant milestone in the Indian hospitality sector and showcases the expertise of Cyril Amarchand Mangaldas in facilitating complex, cross-border deals. The firm's role in this transaction further cements its position as a leading legal advisor in India.