Warimpex Finanz- und Beteiligungs AG is selling its half share in the angelo hotel Munich and an adjoining development plot to the 50% joint venture partner UBM Realitätenentwicklung AG. The parties agreed that the purchase price would not be disclosed.
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"The year 2013 is beginning with the sale of another successfully developed real estate project. This will have a positive effect on our earnings and liquidity, and makes us confident about the new financial year," said Franz Jurkowitsch, CEO of Warimpex.
Warimpex and UBM converted a former office building into the angelo hotel in Munich in a 50:50 joint venture. The four-star design hotel was opened in 2008 and has 146 rooms and suites, a restaurant, a bar and four state-of-the-art conference rooms on a total area of 250 m². Thanks to its good location, the hotel is popular with business travellers and tourists. The deal also includes the 50% share in an adjacent development plot that is zoned for commercial use and that has a total area of 7,500 m².
Source: Warimpex
