- Safestay has acquired U Hostels Albergues Juveniles, SL for a total cash consideration of €3.0m.

The U Hostels portfolio included three leasehold properties -- two in Madrid and one in Paris.

Safestay said the transaction represented its first step in establishing a pan-European network of hostels.

"Going forward, we will be able to offer guests the ability to transfer seamlessly between Edinburgh, York, London, Paris and Madrid," it said.

"All great cities and we expect this network to be expanded as we have further transactions under advanced negotiation and the capital in place to complete them."

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