Vienna-listed UBM Realitätenentwicklung has bought the remaining 50% share it did not already own in the angelo hotel in Munich from joint venture partner Warimpex Finanz- und Beteiligungs.
Vienna-listed UBM Realitätenentwicklung has bought the remaining 50% share it did not already own in the angelo hotel in Munich from joint venture partner Warimpex Finanz- und Beteiligungs.
UBM, which is largely owned by Porr and CA Immo, is acquiring Warimpex's half share in the hotel and an adjoining development plot. The parties agreed to keep the transaction price confidential.
'The year 2013 is beginning with the sale of another successfully developed real estate project,' said Franz Jurkowitsch, CEO of Warimpex. 'This will have a positive effect on our earnings and liquidity, and makes us confident about the new financial year.'
The property - a former office building converted to a four-star hotel - was opened by owners Warimpex and UBM in 2008 and has shown an 80% occupancy rate over the past months. The asset has 146 rooms and suites, a restaurant, a bar and four state-of-the-art conference rooms.
The deal also includes the 50% share in an adjacent development plot that is zoned for commercial use and that has a total area of 7,500 m2.
The deal comes hard on the heels of Warimpex and UBM's sale in December of the InterContinental hotel asset in Warsaw for over €100 mln, representing Poland's largest hotel deal ever.
