Internos Global Investors has announced a new separate account mandate from the Saxony Doctors Pension Fund, Germany (Sächsische Ärtzeversorgung ‘SAEV’) on the first day of Expo Real in Munich.
Internos Global Investors has announced a new separate account mandate from the Saxony Doctors Pension Fund, Germany (Sächsische Ärtzeversorgung ‘SAEV’) on the first day of Expo Real in Munich.
The mandate is to to invest up to €200 mln in value-add opportunities in European hotel real estate.
The strategy is to acquire the hotels, add value to the properties and then sell them within a 3-5 year horizon. The acquisitions will be funded with €100 mln of equity and up to 50% debt allowing hotel investments of up to €200 mln.
Internos plans to deploy this capital within the next 18-24 months.
The mandate will be managed by Internos Hotel and Leisure team led by Jochen Schaefer-Suren, founder of Internos Hotel and leisure division and Internos partner in charge.
Jochen Schäfer-Suren said that the mandate meant Internos now has investment capacity of up to €600 mln in this specialist real estate class. 'This new mandate allows us to expand the range of hotel investments to value add opportunities in hotel real estate across Europe. Due to its distinct strategy it complements our core income hotel fund, for which we just announced a second closing with now total investment capacity of €400 mln, and adds €200 mln of hotel investment capacity across Europe.'
Watch Schäfer-Suren's interview with PropertyEU at EXPO REAL.
