REAL ESTATE – Stichting Pensioenfonds ABP, Europe’s largest pension fund, is among a group that has bought four European hotels in a deal that will eventually be worth around $621m (€484m).

The giant civil service fund, along with Host Hotels & Resorts and the Government of Singapore Investment Corporation’s Jasmine Hotels affiliate, have completed the purchase of the hotels from Starwood Hotels & Resorts Worldwide.

Host also said that it contributed the Sheraton Warsaw Hotel & Towers to the joint venture.

The hotels bought include the Westin Palace (Madrid), Westin Palace (Milan), the Sheraton Skyline (Hayes, UK) and the Sheraton (Rome). And the Westin Europa & Regina in Venice will be bought by mid-June.

This would take the “the initial joint venture investment of approximately $621m in six hotels will be complete”.

And it also emerged that the joint venture partners are “contemplating entering into an expanded joint venture” that would increase the aggregate size of the joint venture to €533m of equity.

Including anticipated leverage this would provide the venture with €1.5bn of aggregate funds available for investment.

Meanwhile, Jorrit Arissen will join ABP as an Asia-Pacific analyst in July after three years at the European Public Real Estate Association (EPRA).

ABP spokesman Michel Meijs said the appointment would reinforce the fund’s listed real estate team. Arissen will also help manage the regional portfolio.