Henderson Park and Hines have bought a 67,000sqm portfolio of five hotels on the Greek island of Crete.
In two separate deals, the duo have paid an undisclosed sum for the 1,094-room portfolio located in resort locations across the island.
The companies said the latest transaction marks the joint venture’s second foray into the Greek hotel market, following the acquisition in 2017 of the former Ledra hotel.
Nick Weber, founding partner of Henderson Park, said: “While the leisure industry has no doubt been temporarily impacted by the COVID-19 crisis, we are firm believers that it will bounce back.
“With this transaction, we have been able to provide a solution to a distressed situation and gain control of a number of high quality, high-potential assets in a globally leading tourist destination at an attractive entry basis.”
Paul Gomopoulos, senior MD and country head for Greece at Hines said: “While the headwinds from the global pandemic will clearly have a material impact on the leisure and hospitality sectors, we have confidence in the mid to long term prospects and as such are committed to pursuing further opportunities in this market.
“We are looking forward to continuing our successful partnership with Henderson Park, which offers a very effective combination of international expertise and local knowledge.”
Hines global REIT makes first investment in Spain
Hines Global Income Trust has made its first investment in Spain with the acquisition of a €29.2m office-industrial complex.
The non-listed real estate investment trust has bought the 43,387sqm asset in Madrid through a sale-leaseback deal with Airbus Defence and Space.
The complex is located in the Corredor del Henares submarket facing the A2 Motorway. The asset is comprised of six office and industrial buildings plus two security access points.
Omar Thowfeek, Hines managing director-fund management, said: “Hines has over 25 years of experience investing in Spain, and we are excited about acquiring this investment, which provides us access to a prime location in Madrid with upside potential.
“Hines Global continues to be a believer in the long-term growth prospects of last-mile logistics in major European cities, and this opportunity is in-line with advancing our strategy.”
Vanessa Gelado, senior managing director and Hines Spain country head, said: “This asset’s location facing the A2 motorway and only five minutes from the Barajas Adolfo Suarez airport’s freight terminal represents one of the best locations in Madrid for an asset of this class.
“Also, completing this acquisition in such a difficult time shows the continued commitment from Hines to the Spanish market.”
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