QC Spa of Wonders has become an anchor investor in a newly launched leisure hospitality fund managed by BNP Paribas Real Estate Investment Management (REIM), as part of a new partnership between the firms.
BNP Paribas REIM said QC Spa of Wonders is both an investor in the Spa Property Fund (SPAPF) and the exclusive operator of the fund’s assets.
The assets include the QC San Pellegrino spa property and a recently purchased asset in Viale Certosa in Milan, which will be transformed into a spa and hotel.
The fund’s portfolio and investment pipeline, valued at €120m, is expected to reach €300m as it invests both in already operating properties and in properties to be repositioned.
Vincenzo Nocerino, Global CIO at BNP Paribas REIM, said: “We are confident that the strategy will match the interest and appreciation of many other investors.
“BNP Paribas REIM has a deep experience in partnering with hospitality operators, leveraging the combination of both the local teams, in the case of this partnership the Italian acquisition team headed by Pietro Moro, and a cross-country specialist team, with the recently created hospitality and healthcare practice headed by Paul Darribère.”
QC Spa of Wonders currently operates 12 spas and hotels, with four new openings planned in Italy over the coming years and several initiatives in its pipeline in Europe and in the US.
Francesco Varni, CEO and head of corporate activities and development at QC Spa Of Wonders, said: “After an extensive search conducted together with our partners at White Bridge Investment, we believe we have found the ideal travel companion to support and accelerate our growth journey in Italy and across Europe.
“We are leaders in a dynamic and fast-growing market, and we firmly believe in the appeal of the newly launched Spa Property Fund to a broad range of investors. It has been a complex yet exciting journey, and thanks to the dedication of the respective teams, the goal has been achieved.”
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