French REIT ANF Immobilier is in exclusive negotiations with Foncière des Murs and La Française REM regarding the sale of a portfolio of hotels under the B&B brand, the company said in a statement.
French REIT ANF Immobilier is in exclusive negotiations with Foncière des Murs and La Française REM regarding the sale of a portfolio of hotels under the B&B brand, the company said in a statement.
Foncière des Murs, a subsidiary of Foncière des Régions, and fund manager La Française REM have signed an agreement with ANF Immobilier to enter exclusive negotiations related to the possible acquisition of 160 hotels managed by B&B. Foncière des Murs and La Française REM will, in time, form a 50/50 partnership to handle this real estate investment.
'The sale would be part of ANF's review of its strategic options and would provide a potential opportunity to sell the portfolio to high-quality investors who would continue to manage and develop the hotels in close cooperation with B&B as their operating partner,' ANF said.
Depending upon due diligence, the transaction could be completed by year-end 2012.
ANF Immobilier owns and manages a real estate portfolio worth EUR 1.7 bn, with city centre properties located in Lyon and Marseille and 168 hotel properties in France, all operated by the B&B chain.
Separately, La Française REM said it has bought a 5,700-m2 office project for its OPCI IMMO SR fund. The asset, which was sold by PRD Office Ile de France, will be fuly leassed by La Cité Régionale de l’Environnement d’Ile-de-France on a nine-year rental agreement.