Danish pension funds ATP and PensionDanmark have acquired the Copenhagen Marriott Hotel for €135 mln. The two investors each acquired 50% of the property, which is fully leased to BC Hospitality Group.
The vendor was Soltra Investments.
'We are very pleased with the investment which is in line with our focus on sizeable direct investments in properties located in prime locations, with long-term leases, and generating stable income to benefit the ATP members. Over the years, Marriott has built a strong market position for the hotel in Copenhagen. With the acquisition of two London hotels earlier in 2016, and the addition of the Copenhagen Marriott today, we have made significant additions to this sector in our real estate portfolio,' commented ATP Real Estate's CEO, Michael Nielsen.
Located on the waterfront at Kalvebod Brygge, the property comprises 406 rooms over 24,000 m2. Marriott has operated the hotel since the building was constructed in 2001. Solstra Investments controls the operator BC Hospitality Group, who runs the hotel under a franchise agreement with Marriott.
'At PensionDanmark we invested in our first two hotel properties in 2016. We are very pleased to be able to add the Copenhagen Marriott Hotel as our third hotel investment. It is a modern hotel leased to a stable tenant in an exceptionally attractive location for tourists and conference attendees alike. We are delighted that the investment will generate good and stable returns for our members over the next many years,' said Torben Möger Pedersen, CEO of PensionDanmark. The fund is currently targeting a Danish real estate allocation of around 10% of its total portfolio.
ATP Real Estate and PensionDanmark are currently collaborating on a number of real estate investments, including UN City located at the Marble Pier in Copenhagen and the ‘Magasin’ department store properties in Copenhagen, Lyngby, Odense, and Aarhus.
