Union Investment Real Estate GmbH has acquired the four-star andel's Berlin, thereby adding to its hotel portfolio in the German capital. The vendor is a property company belonging to Warimpex Finanz- und Beteiligungs AG and UBM Development AG. The contract negotiations were successfully concluded yesterday. The purchase agreement is subject to the customary closing conditions for a property transaction of this type. Completion is scheduled for the third quarter of 2015. The agreed purchase price is approximately €105 mln.
Warimpex and UBM started jointly developing the core property in 2006 and have been operating it since 2009, under the management of Vienna International Hotelmanagement AG. Each of the two companies held a 50% stake in the four-star superior hotel. Vienna International Group will continue to be responsible for managing the hotel as lessee after completion of the sale, with the name andel’s Hotel Berlin and the entire management team and staff being retained.
Completed in 2009, the 557-room conference hotel is located in the Prenzlauer Berg district of Berlin directly opposite the Velodrom sports arena, and will join the portfolio of open-ended real estate fund Unilmmo: Deutschland.
andel's is one of four conference hotels in Berlin and has the capacity to host multiple large-scale events simultaneously. The conference facilities are spread over 3,800 m² of space, consisting of a ballroom, 21 combinable conference rooms and 15 meeting suites with flexible design options. The freight lifts for the conference area can transport trucks and buses with a load capacity of 28 tonnes. The property is also home to the Skykitchen restaurant on the 12th floor, run by Michelin-starred chef Alexander Koppe, and a sky.bar on the 14th floor.
andel's Hotel Berlin is Union Investment's eighth hotel investment in the German capital. The Berlin portfolio also includes the five-star Hotel InterContinental, the Radisson Blu Berlin, the Pullman Berlin Schweizer Hof and the five-star Hotel Sofitel Gendarmenmarkt. Union Investment’s broadly diversified hotel portfolio encompasses 25 brands and currently comprises 40 properties with an asset value of around €2.3 bln.
Source: Union Investment Real Estate GmbH