PATRIZIA acquires six hotel developments in key German cities
PATRIZIA Immobilien AG announces that it has completed the acquisition of six hotel developments across major German cities, all of which have been successfully pre-let to well-known hotel operators on 20 year leases. “These properties are in attractive micro locations and have long term rent contracts with successful and well experienced hotel brands. Furthermore, we were also able to identify and complete the acquisitions well ahead of their completion dates, securing the best possible value for our investors” said Douglas Waibel, Associate Director at PATRIZIA.
PATRIZIA has acquired a portfolio of five hotels located in Berlin, Dortmund, Krefeld, Stuttgart and Wuppertal from LIST Retail Development, a company of the LIST Group. All of the developments are due for completion in 2017 and have been pre-let to the B&B Hotel Group, one of the leading budget hotel brands in Europe. Together they will comprise a total of 500 rooms, across a floor space of 18,000 sq m, in central locations with good access to regional and national transport links.
In a separate transaction, PATRIZIA has acquired a hotel development in Heidelberg from Hirotani Projektgesellschaft mbH. The property will offer 100 rooms across 3,000 sq m and has been pre-let to the Meininger group for its first location in Heidelberg, joining the growing chain’s portfolio, which includes locations in Berlin, Hamburg, Amsterdam, Copenhagen and London, amongst others.
In the hotel sector, PATRIZIA now has EUR 600 million of assets under management. “PATRIZIA has been expanding its commitment to this class of assets on a continuous basis for several years,” reports Waibel. Investment in operator real estate like hotels offers attractive opportunities for yields, but also requires specialist know-how. In its capacity as one of Europe’s leading real estate investment companies, PATRIZIA possesses this market insight, offering institutional investors a unique possibility to invest in extraordinary real estate that calls for expert skills and competencies.