Invesco Real Estate (IRE), the global real estate investment manager, announces the final closing of its second hotel fund with ca. €200 million of equity.
Simon Redman, Managing Director – Client Portfolio Management, Europe comments: “We are delighted to have had a final close of our second hotel fund. The current assets plus the additional equity we have raised will allow us to grow the fund to circa €400 million with leverage.”
Marc Socker, Senior Director – Hotel Fund Management, comments: “We are delighted with the growing interest institutional investors have shown in the hotel sector and the recognition from the investor community that it offers a compelling investment story with long leases and strong stable income, two features which many investors find attractive in today’s environment. Following the close of the second hotel fund, we are looking for additional investment opportunities in the sector.”
As at the end of February, the second hotel fund had assets under management of circa €280 million and eight assets in Austria, Germany and the Netherlands.
IRE was one of the first investment managers to devise a dedicated hotel sector investment strategy for the European institutional real estate industry and currently manages investments from clients across four different countries. Its dedicated hotel sector funds have a combined assets under management of circa €920 million and 25 properties across the UK and Europe. Future investments into the hotel sector are planned on behalf of the second fund and new separate account clients. IRE now has a team of eight employees dedicated to its hotel sector investments.