A fund managed by Deka Immobilien has acquired a hotel in Ireland from an ESR Europe-managed fund.
The open-ended mutual fund Deka-ImmobilienEuropa fund has invested €86m to acquire the 272-key Ruby Molly hotel in Dublin City Centre from ESR Europe Active Real Estate Fund IV.
Frank Hildwein, head of hotels buying and sales at Deka Immobilien, said: “The acquisition fits perfectly into Deka-ImmobilienEuropa’s strategy of driving forward geographical diversification and strengthening its focus on the hotel sector.”
Alex Ray, MD at ESR Europe, said: “We are delighted to announce the successful sale of Ruby Molly, a landmark development project that our team has been involved with from the original site acquisition right through the planning and construction phases.
“This particular asset development and management project highlights our expertise in complex and large-scale development projects and showcases our ability to maximise value and deliver strong, risk-adjusted returns to investors.”
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