Invesco Real Estate, the global real estate investment manager, is pleased to announce the exchange of contracts for the sale of a portfolio of seven hotels, from its second dedicated pan-European hotel fund. The portfolio is being sold to Pandox, a listed Swedish hotel firm, for c.€415m. The seven hotels are located across Austria, Germany and the Netherlands, and part of the NH, Radisson Blu and Park hotel brands. Following the close of the sale, due to take place on 19 December 2016, the fund will be disinvested.
Marc Socker, Managing Director, Hotel Fund Management, Invesco Real Estate comments: “IRE has an 11-year track record of investing within the pan-European hotel sector and we plan to continue that legacy. We believe the sector continues to offer attractive performance characteristics, a compelling income return and inflation-hedging requirements that most of our investors are looking for and continue to see interest from a number of wide-ranging clients around the world.”
IRE was one of the first investment managers to launch a dedicated hotel fund in 2006, with its successor fund launched in 2011. Since then it has invested over c.€2bn into the sector.