Internos has acquired two new IBIS hotels in Munich and The Hague on behalf of its hotel real estate fund.
Internos has acquired two new IBIS hotels in Munich and The Hague on behalf of its hotel real estate fund.
Internos is a pan-European, owner-managed real estate fund manager with €1.8 bn assets under management.
The investor recently exchanged contracts for the acquisition of the Ibis Munich City West, Germany, and Ibis City Centre The Hague, Netherlands for a total investment of €37 mln on behalf of the Internos Hotel Real Estate Fund.
The hotels were acquired in two separate transactions from private vendors.
The acquisition of the Ibis Munich City West has already closed while the closing of the Ibis The Hague City Centre is planned for the coming weeks.
Jones Lang LaSalle's Hotels & Hospitality Group said it acted for Aprirose Real Estate Investment, vendor of the hotel in the Hague.
The 197-bedroom hotel was sold for €15.5 mln, reflecting a gross yield of 7.36%. The property is leased to Nhere, Badhoevedorp, guaranteed by Accor SA, and had an unexpired term of 12 years.
These two acquisitions represent the fifth and sixth hotels Internos has acquired for the Internos Hotel Real Estate Fund.
The fund is structured as a German ‘Spezialfonds’ operated by Internos Global Investors Kapitalanlagegesellschaft (KAG). Based on additional equity raised from the seed investors and new investors since the first closing, the targeted assets under management are forecast to reach or even exceed €300 mln.
The achieved and forecast annualised dividend yields for the six hotels are in excess of the 7.5+% per annum net target together with a forecast IRR of 11+% per annum net.
Fund manager Jochen Schäfer-Suren commented: 'Due to the continued support of our seed investors and new investors we have raised additional equity that allows us to acquire over €100 mln worth of further hotels. Therefore we are actively looking for more hotels to acquire for the remainder of 2013.'
