ECE Real Estate Partners has invested €100m in Italy to acquire a seed asset for a new European value-add hotel real estate fund.
The manager said it is planning to invest €300m for ECE European Lodging Recovery Fund, a newly created fund targeted at institutional investors such as insurance companies, sovereign wealth funds, and pension funds. The Otto family, which owns ECE, is an investor in the fund.
The manager said the seed asset, the Bonvecchiati building in Venice has been acquired with joint venture partners Soravia and Denkmalneu. The 10,00sqm property was acquired directly from the owning families.
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