Deka Immobilien acquires four-star hotel in Amsterdam (DE/NL)
Tuesday 20 March 2012
Deka Immobilien GmbH has acquired the 'American Hotel' building in Amsterdam. However, it has been agreed to keep the purchase price confidential. The vendor Hampshire Hospitality, the hotel operator, has simultaneously leased back the building for 25 years as part of a sale-and-leaseback transaction.
The property is to be incorporated into the portfolio of the WestInvest TargetSelect Hotel sector fund. The building, which was originally constructed in 1880 and last renovated in 2007, offers 175 rooms, a restaurant and a bar covering a total of 8,000 m².
This four-star establishment is one of the most renowned hotels in the Dutch capital and benefits from its excellent location on the Leidseplein in the historic center of Amsterdam.
WestInvest TargetSelect Hotel, launched in 2008 as an open-ended special property fund, is part of the WestInvest TargetSelect product line. This offers institutional investors the opportunity to invest via three sector funds in the asset classes logistics, hotel and retail. By combining individual components of WestInvest TargetSelect, investors can achieve a precise diversification of the individual property allocation.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over €23 billion (as of January 31, 2012).
As a sister company, Deka Immobilien GmbH is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development. Together with the Real Estate Lending Unit of DekaBank, the three companies form the Group’s Asset Management Property business division.