Internos Global Investors, the pan European, owner-managed real estate fund manager, has bought the Maritim Hotel Dresden and the Mercure City Hotel Berlin in Germany for €75m (£61m).
The properties were bought in two separate transactions from Axa Investment Managers and ActivumSG respectively on behalf of the Internos Hotel Real Estate Fund I. It takes the number of hotels acquired by the fund to 11 since its first closing in mid-2012. Both hotels are operated under long-term leases with Maritim and Accor.
Following the two acquisitions, the fund reached €340m of assets under management.
Jochen Schäfer-Suren, partner and head of Internos’ hotel and leisure division, said: “We are pleased to continue to deploy the fund’s capital with this momentum while also delivering and exceeding the fund’s required returns. We are now well diversified in Europe and have covered the key markets in Germany. Jointly with the capital from our value add fund, we have additional investment capacity of up to €250m for which we are pursuing secure income and value add opportunities.”
annabel.dixon@estatesgazette.com
