Deka buys hotel in Hamburg from iii-investments

By A staff reporter 2012-03-06T00:00:00+00:00

German fund manager Deka Immobilien has bought the Suite Novotel in Hamburg from iii-investments on behalf of an institutional investment fund. Financial details were not disclosed.

German fund manager Deka Immobilien has bought the Suite Novotel in Hamburg from iii-investments on behalf of an institutional investment fund. Financial details were not disclosed.

The 186-room hotel was completed in 2003 and comprises around 8,700 m². It is located in the St Georg district of Hamburg with access to excellent transport connections, Deka said.

Deka Immobilien is part of the DekaBank group along with sister company WestInvest Gesellschaft fur Investmentfonds. Together they form Germany's biggest provider of open-ended funds, managing more than EUR 22 bn in fund assets.

iii-investments is the Munich-based real estate investment company of UniCredit Bank (HypoVereinsbank), a member of the UniCredit Group.