Real IS, the property arm of BayernLB, has acquired 300 hotel rooms across two properties in the German city of Stuttgart.
Financial details were not disclosed.
Within the framework of a club deal for two pension schemes, the two properties - a Hampton by Hilton and a Premier Inn - were acquired from a local project developer, part of the Matthäus Schmid construction group, based in Baltringen, Germany.
Completed in 2021, the properties are located on Wolframstrasse in Stuttgart and offer an aggregate space of around 15,600 m2.
Axel Schulz, global head of investment management at Real IS, said: 'Both hotels are centrally located in Stuttgart and have long-term lease agreements and operators with high credit ratings.
'After the reduction in demand and the heightened uncertainty prevalent at the beginning of the Covid-19 pandemic, we are now seeing an increasing pace of recovery in the hotel market.'
The two hotels are centrally located in Stuttgart’s Europaviertel quarter. They each have a lobby, a lounge and a bar area, a back office, a breakfast restaurant, two lifts for guests and a total of 40 car parking spaces.
In the Hampton by Hilton brand hotel, there are also a gym and a conference room. The space is divided into nine upper and two underground floors.
Real IS was advised on the transaction by the law firm GSK Stockmann, Munich, Germany. Technical consultancy was provided by Munich-based Brand Berger and E & G Real Estate, headquartered in Stuttgart, acted as intermediary.
The law firm Breyer Rechtsanwälte, domiciled in Stuttgart, supported the seller throughout the transaction process.
