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.
"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.