Tue, 11/03/2014 - 13:31
Internos Global Investors has closed on the acquisition of the Steigenberger InterCity Hotel Leipzig from B&L Gruppe on behalf of the Internos Hotel Real Estate Fund I.
This is the 10th hotel to be acquired for the Hotel Fund since its first closing 18 months ago.
Together with the recently announced acquisition of the Maritim Dresden, which will close shortly, the latest acquisitions represent circa EUR70m of investments by Internos for the Internos Hotel Real Estate fund since the beginning of 2014.
The InterCity Leipzig opened in May 2013 and is operated under a long lease by InterCity Hotels, a 100 per cent subsidiary of Steigenberger Hotels. The property is a brand new, high quality, 4-star hotel with 166 rooms, a restaurant, bar and appropriate meeting facilities. It is located in a prime location in the very heart of Leipzig, next to the main train station and opposite the new shopping centre “Höfe am Brühl”.
Following these two recent acquisitions and commitments, assets under management for the Hotel Fund I will reach circa EUR310m. Based on recently raised and expected additional equity, total AUM is forecast to exceed EUR400m. The fund is poised to continue generating annual income returns in excess of 7.5 per cent dividend pa for the next few years.
Jochen Schäfer-Suren, partner in charge of Internos’ hotel and leisure division, says: “Despite tripling the equity raised since the first closing in July 2012, we have now deployed circa. 90 per cent of the total equity in line with the investment strategy, while exceeding target income returns of 7.5 per cent p.a. In addition we have two or three more acquisitions in progress and thus expect to deploy the remaining equity by this summer. Later in 2014, we plan to launch a successor fund to our first hotel real estate fund focused on the same core, income oriented investment strategy and 3 to 4-star existing leased hotels across Europe. In parallel we are currently pursuing various opportunities to invest the EUR200m capital from the Value Add Fund, which is focused on hotel real estate across Europe with capital growth opportunities via cyclical market recovery, renovations and repositioning such as changes to brands, leases or operators.”
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