Danish pension fund ATP has teamed up with an unnamed Dutch institutional investor to acquire a large hotel in the heart of Munich for €187.5 mln.
ATP, Denmark's largest pension fund, and the Dutch investor, represented by CBRE Global Investment Partners, have acquired the Hotel Holiday Inn Munich City Center after investment manager Invesco Real Estate sourced the transaction.
Invesco announced on Monday that it had signed a €530 mln hotel portfolio deal consisting of 13 assets in Germany and The Netherlands. The company will serve as the asset manager of the property.
The four-star hotel in Munich, located in the Haidhausen district close to the historic city centre, is operated and leased to German-based Event Hotel Group on a long-term basis.
Michael Nielsen, CEO of ATP Real Estate, said that the asset’s prime location 'will ensure a stable return on a long-term basis benefitting our members'.
The asset consists of 582 rooms, conference facilities to host up to 600 people, a lunch and breakfast restaurant as well as underground parking facilities. The hotel was originally built in 1973 and fully refurbished in 2004-2006. As part of the plan for the hotel, the rooms will be renovated in the course of the next three years.
ATP Real Estate is a subsidiary of ATP, investing in both directly and indirectly held real estate assets on behalf of ATP. It currently has €5.1 bn of assets under management.
Earlier this year the pension fund joined forces with French insurer AXA to forward-fund a major development in Amsterdam. The vendor was Dutch real estate developer COD, which is developing the project jointly with Being Development.
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13 September 2017
Global Capital Flows Briefing
Colliers International
08.00-10.30
