Pan-European investor Europa Capital, the general partner of Europa Fund IV, together with its local partner, P.B.G Frankfurt, have sold the Innside Hotel in Dusseldorf to Quadoro for €14.4 mln.
The four-star property, which has 126 rooms, was divested on behalf of Vescore Sustainable Real Estate Europe, an open-ended real estate fund. According to Europa Capital, the deal represented a yield of 6.25%.
'This sale represents the fifth disposal from Fund IV, which completed its investment programme in April 2016, and underlines Europa’s focus on returning capital to its investors,' commented Nic Fox, partner and head of Middle Europe at Europa Capital.
The hotel is leased to Innside, a Meliá brand, until 2026 and is located in Dusseldorf-Seestern.
The asset was acquired by Europa Capital in 2013 together with the adjacent Cubus Office building, which is now 100% leased following a refurbishment programme and the implementation of energy-saving measures.
A cooperation between Europa Capital and P.B.G was established in 1999, leading to over €600 mln of investments so far in Germany.
Dusseldorf-based agent Anteon, together with Clifford Chance, advised the seller.
