Aviva Investors France has acquired two hotels in Munich from AXA Investment Managers - Real Assets (AXA IMRA).
The transaction covers the 147-room Novotel Suites Parkstadt Schwabing (pictured) and the 149-room ibis Parkstadt Schwabing.
The assets were acquired for an undisclosed sum by Aviva Investors Real Estate France, part of the world’s fifth largest insurance group Aviva France Group.
JLL Hotels & Hospitality Group exclusively advised the vendor in the deal.
Owned by AXA IMRA, on behalf of its clients, and operated by Accor since 2005, the hotels are located in one of Munich's economically strongest submarkets Parkstadt Schwabing and were sold subject to the existing long-term lease agreement with Accor.
Aviva Real Estate France closed the deal in collaboration with its strategic hotel operator partner, Algonquin, which will act as future asset manager of the properties.
'The sale was a very competitive process, with strong interest from a number of cross-border investors. With Aviva Investors Real Estate France we again see French capital being invested in the German hotel market,' said Stefan Giesemann, senior vice president of JLL's Hotels & Hospitality.
'French investors accounted for almost one third of the total €1.48 mln invested into German hotels in 2016. This transaction might be an indication that this trend is continuing in 2017.'
