Union Investment Real Estate has acquired the Radisson Blu hotel in the western Polish city of Wroclaw.
Union Investment Real Estate has acquired the Radisson Blu hotel in the western Polish city of Wroclaw.
Union Investment purchased the five-star hotel for its UniInstitutional European Real Estate fund from UBM Development. The investment volume was not disclosed.
This is Union Investment’s second property purchase in Wroclaw within the past eight months. Wroclaw is Poland’s fourth-largest city, with more than 630,000 inhabitants. In December 2014, the Hamburg-based real estate investment manager acquired the Dominikanski office new build for UniImmo: Deutschland via a forward purchase arrangement.
UBM developed Radisson Blu in 2002. The hotel offers 162 rooms, 75 parking spaces, a 200 m2 health spa and conference facilities for up to 350 people.
UBM will operate the hotel under the Radisson Blue brand until 2035.
'With the acquisition of the Radisson Blu in Wroclaw, we are delighted to have added another property occupied by this established international hotel brand with its strong market presence to our institutional fund,' said Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
The UniInstitutional European Real Estate portfolio includes six other hotels in European business locations. This latest acquisition brings the number of hotels in Union Investment’s overall portfolio to 41 with a total real estate asset value of around €2.4 bn.
Dentons’ real estate team acted as legal counsel to Union Investment on the hotel acquisition.
See also, Amundi confirmed as buyer of €1b office portfolio from Union Investment
