BNP Paribas REIM has acquired a portfolio of three Ibis hotels located in Munich for an undisclosed amount. The properties were built between 2012 and 2016 and compromise a total of 410 bedrooms. The assets are positioned in the 2-star segment and benefit from convenient access via public transportation and road network.
Ibis Munich City-East, located in the Berg am Laim suburb of Munich, between the city centre and the trade fair centre, was completed in 2015. The asset totals 5,500m² and provides 167 bedrooms, catering to leisure and business guest.
Ibis Munich City-South, located in the Obergiesing-Fasangarten suburb of Munich, was completed in May 2012 and offers 4,500m² of GLA and features 133 bedrooms.
Ibis Munich Airport, located near Germany's the 2nd largest airport, was completed in 2016 and provides 110 bedrooms together with a restaurant and a bar.
“These acquisitions demonstrate the capacity of BNP Paribas REIM to access an alternative real asset class in a very competitive market like Germany,” said Jean-Maxime Jouis, Head of Fund Management of BNP Paribas REIM France. “These acquisitions are in line with the strategy of these two funds: seeking a stable and secured cash flow, in a highly liquid market. The hotel sector in Munich offers an excellent diversification opportunity with a balanced clientele of both leisure and business segments. The positive forecasts of the hotel market in Munich in the long term should also contribute to the value appreciation of these assets.”
BNP Paribas REIM were advised by Avison Young and Clifford Chance. The tenant and the seller were advised by Taylor Wessing. ARREAL KG supervised the brokerage transaction on the seller's side.
