Union Investment has entered the Scandinavian hotel market with the acquisition of a project in Denmark from a consortium comprising Danica Pension and developers Nordkranen and UnionKul.
Union Investment said it has acquired the 25hours Hotel Copenhagen Paper Island project on behalf of its open-ended UniInstitutional European Real Estate fund from the Christiansholms Ø P/S consortium.
Financial details were undisclosed.
The hotel is part of The Paper Island project, a man-made island situated in a prime city centre location in Copenhagen’s port area. The Paper Island project involves creating a mixed-use neighbourhood that will include the hotel, 253 apartments, retail, gastronomy and event space, as well as the new Water Culture House.
The hotel project has 128 rooms and includes a restaurant, a café and a bar on the top floor and is expected to be completed in March 2024.
Copenhagen is one of Europe’s top hotel markets with high barriers to entry, said Andreas Löcher, the head of investment management hospitality at Union Investment.
“We are therefore delighted to be able to enter the Danish hotel market with the acquisition of this flagship project.”
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