Deka Immobilien has acquired a hotel property in the city centre of Paris on behalf of its Europa open-ended property fund for around EUR 114 mln. The vendor is French property group Altarea Cogedim.
Deka Immobilien has acquired a hotel property in the city centre of Paris on behalf of its Europa open-ended property fund for around EUR 114 mln. The vendor is French property group Altarea Cogedim.
Located close to the Avenue des Champs-Élysées and the Arc de Triomphe, the Hotel Renaissance Arc de Triomphe was completed and opened in 2009.
On the basis of a sale-and-leaseback agreement, Altarea Cogedim will remain the key tenant of the 5-star hotel in Avenue Wagram, which is managed by Marriott International. In addition to the hotel itself, which boasts 118 luxurious rooms, the complex also includes the Salle Wagram, a listed venue dating back to 1865, and three fully let retail units.
DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds, together manage fund assets of over EUR 21 bn.
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