Multi Vastgoed, the Dutch arm of Multi Development, is selling its four-star Novotel hotel in the Forum Rotterdam project to asset manager Bouwinvest.
Multi Vastgoed, the Dutch arm of Multi Development, is selling its four-star Novotel hotel in the Forum Rotterdam project to asset manager Bouwinvest.
Financial details were not disclosed. Bouwinvest is buying the property on behalf of its Dutch institutional hotel fund.
Under the deal, Bouwinvest has also signed a new lease agreement with Accor Group for the running of the hotel. Designed by Rem Koolhaas and Reinier de Graaf of architects firm OMA, Forum Rotterdam is a multifunctional complex with retail, residential, office, leisure and cultural space in the heart of Rotterdam's city centre.
'In signing this contract we are adding a unique, central location in Rotterdam city centre to our Novotel portfolio,' said Caro van Eekelen, managing director of Accor Nederland.
For Bouwinvest, it is the second investment in the Forum Rotterdam project. Last year, the asset manager purchased 56 luxury rental apartments from Multi for its residential fund.
Allard van Spaandonk, director Nederland at Bouwinvest added: 'A hotel in the centre of one of the four big Dutch cities with a strong tenant is exactly the product we’re seeking for our hotel fund.'
Heino Vink, CEO of Multi, pointed to the importance of having the space pre-let or sold before the start of construction, particularly in these times. 'In Forum, we have already succeeded in this. In addition to the sale of the apartments and the hotel, a large part of the office space is being leased to ABN Amro,' he noted.
Multi Vastgoed has received a BREAAM-Excellent certificate for the scheme from the Dutch Green Building Council.
