Asset manager Internos Global Investors has finalised the €53 mln acquisition of the Triforum office building in Cologne on behalf of its Real Value Plus value-add fund.
Asset manager Internos Global Investors has finalised the €53 mln acquisition of the Triforum office building in Cologne on behalf of its Real Value Plus value-add fund.
The company signed a preliminary agreement in late November to buy the asset from Hamburg Immobilien Handlung (HIH), acting on behalf of the Warburg-Henderson German Fund I.
The asset includes a 9,000 m2 Park Inn hotel and a 15,000 m2 office complex. The four-star hotel has 205 rooms, a restaurant, a bar, a spa and 12 conference rooms.
Internos has built up a €500 mln hotel portfolio of 15 properties since 2012. The company said it is planning further purchases of around €200 mln for the Real Value Plus vehicle.
'We have recently begun to examine the acquisition of holiday hotels and mezzanine financing for hotel developments for our institutional investors,' commented Jochen Schäfer-Surén of Internos.
Separately, Internos said it has teamed up with the Somerston Group family office to acquire a 27.5% stake in Deutsche Real Estate Funds Advisor (DREF), a real estate investment manager specialising in the German student accommodation market. Following this transaction, Bauer Group will remain the majority shareholder in DREF.
Financial details were not disclosed.
Andrew Thornton, CEO of Internos, will join DREF’s advisory board and Shaun Robinson, CEO of Somerston Capital, the investment advisor and asset manager to the Somerston Group, will join DREF’s management board.
DREF is currently working on a bond issue to finance student residences in Germany. 'There is still a significant opportunity to increase institutional investment into student housing in Germany and we very much see this as a long-term strategic shift that we would like to exploit,' said Internos' CEO Thornton.