IPBM buys three Club Med villages for EUR 117m

IPBM has acquired three freehold Club Med villages from Lucia for EUR 117 mln, the French listed company announced on Friday. The villages are located in France and Switzerland.

The three assets have a total surface area of 34,000 m² and approximately 2,200 beds. Located in Serre Chevalier (Hautes-Alpes region), France, Sant' Ambroggio, (Corsica) and Wengen, Switzerland, they are leased to the Club Méditerrannée SA for 13 years.

Including this acquisition, IPBM has invested a total of EUR 175 mln since the beginning of the year, boosting the total portfolio by 50% in value since end-2006 to EUR 527 mln. IPBM is majority owned by Sophia GE, a branch of GE Real Estate Investissement France (a subsidiary of General Electric).