Swiss Life REIM has launched a fund with a target size of over €300 mln to invest in premium hotels in France. This is the asset's manager second hotel vehicle but the first focused on the high-end market segment.
Swiss Life REIM has launched a fund with a target size of over €300 mln to invest in premium hotels in France. This is the asset's manager second hotel vehicle but the first focused on the high-end market segment.
The fund will target three and four-star hotel assets in Paris and Nice.
'This hotel category is particularly well positioned to attract business clients and the growing tourist demand in Paris and on the French Riviera. For our investors, we are looking at exposing our fund to global growth while being invested in high quality local assets,' said Frédéric Bôl, CEO of Swiss Life REIM (France).
Portfolio deal
The fund has already signed the acquisition of a portfolio of seven hotels located in the 9th and 16th district of Paris as well as in the city center of Nice, from an unnamed investment fund. The company plans to renovate the hotels by 2017.
'This is a rare opportunity, with a very well located hotel collection. We will pursue our investments with similar target assets in order to set up a homogeneous fund providing attractive yield premium while limiting operational risk,' added Fabrice Lombardo, director of structuring and portfolio management.
Honotel Développement will continue to operate the assets.
Swiss Life REIM was advised by Gide for the Corporate/M&A and tax aspects, Deloitte Finance / Taj for the social and accounting audit, Delpha Conseil for the technical audit and Vincent Gérard for notary services.
Founded in 2007 by Frédéric Bôl under the name Viveris REIM, Swiss Life REIM (France) is the subsidiary of the Swiss Life group for real estate asset management for third parties in France.
