FdM closes purchase of B&B Hotel portfolio in Germany

French hotel operator Foncière des Murs (FdM) has completed the acquisition of a portfolio of hotel properties in Germany from the B&B Hôtels group for EUR 65 mln, including real estate transfer tax.

The deal, which was first agreed in October last year, encompasses 18 properties offering 1,843 rooms in Germany. B&B Hotels has agreed to take a 20-year lease on the assets.

FdM, a subsidiary of Foncière des Régions, is a French listed real estate investment trust (SIIC) specialised in business premises, especially in the hotel, restaurant, health and leisure sectors.

Earlier in March, FdM teamed up with Predica to acquire a portfolio of 33 Campanile hotels from Louvre Hôtels for EUR 173 mln. The 80/20 joint venture of Predica and FdM has agreed to carry out a EUR 38 mln programme to renovate all the hotels. The portfolio comprises a total of 2,453 rooms. Some 45% of the properties are in the Paris metropolitan area, 32% are in southern France and 23% in the north of the country.