THE NETHERLANDS/GERMANY
Pandox AB has agreed to acquire two Novotel hotels in the Netherlands and also Germany for around €83 million.
The Novotel Den Haag, in the Haig, and Novotel Hannover, together have 421 rooms. The acquired hotel portfolio has a yield of approximately 6.5%, before transaction costs. The fee excludes minority and the acquisition is financed by existing credit facilities.
The Novotel hotels will be managed by Grape Hospitality. This is through a management agreement with Pandox and under the existing Novotel brand.
Two Novotel hotels expected to contribute €16m in sales in 2020
During 2020, the Novotel hotels are likely to contribute approximately €16 million in sales and approximately €5.4 million in net operating income.
The acquisition is likely to close during the fourth quarter 2019 and the Novotel hotels properties will be reported under the business segment Operator Activities.
Chief Executive Officer, Anders Nissen, says, “The acquisition contributes to a further geographical and brand diversification of Pandox’s portfolio.
“Novotel Den Haag World Forum has a strong location in a city with well-diversified demand from the business, meeting and leisure segments, including tangible and growing international demand.
“Novotel Hannover is mainly driven by domestic German demand from business and meetings.
“Both the Hague and Hannover are strong congress and event destinations. Furthermore, the hotels are well-invested with positive guest reviews and offer good growth potential.”
Frédéric Josenhans, Chief Executive Officer of Grape Hospitality, says, “We are glad to have improved the performance of these two hotels over the last three years and very proud to sell them to Pandox today, one of the key hotel investors in Europe.”
Also as part of the transaction, Pandox will enter into an agreement with Eiendomsspar AS through ES Hotellus AS regarding minority ownership of 5.1% for Novotel Hannover.
Pandox’s hotel property portfolio currently comprises 146 hotels with approximately 32,700 hotel rooms in 15 countries.
Grape Hospitality is the owner-operator and manager of 87 hotels as well as 70 restaurants in eight European countries, representing over 9,000 bedrooms operated under a franchise agreement.
The image is from Wikimedia and is reproduced under Creative Commons. It was taken by Gerd Fahrenhorst.
Source: https://www.pandox.se/press/press-releases/2019/Pandox-acquires-two-hotels-for-MEUR-83/
GIC acquires PB6 Paris office
FRANCE
GIC, a global institutional investor, has acquired PB6, a grade-A office tower in Paris.
PB6 is an iconic 40-storey asset with 60,000 square meters of prime office space. It is fully leased to EDF.
It lies in the heart of the La Défense business district in Paris. GIC says the PB6 presents attractive value creation opportunities and it plans to invest to enhance the building and also services. This is in line with GIC’s strategy, as a long-term investor, to acquire and also add value to quality assets in gateway cities.
PB6 will be managed by BauMont Real Estate Capital.
The image is taken by Nicolas Lannuzel and is reproduced under Creative Commons.
Source: https://www.gic.com.sg/news-and-resources/gic-acquires-paris-office-tower-pb6/
Logistics warehouse bought by Korean investors
CZECH REPUBLIC
Roebuck Asset Management has acquired a logistics warehouse in Dobroviz, Prague, on behalf of a South Korean institutional investor.
The 125,000 square meter purpose-built facility is let to Amazon until 2030. It boasts BREEAM Excellent rating.
It is located near Václav Havel International Airport in Prague, offering excellent transport links both into Czech Republic and also neighbouring countries.
David Hidderley, of Roebuck Asset Management says, “Amazon Prague is undoubtedly a best in class logistics centre, offering attractive rental growth prospects while playing a mission critical role to the tenant. Roebuck continue to seek further European logistics opportunities for our Korean investors.”
Stuart Jordan, Managing Director of Savills Czech and Slovak Republics, adds, “Acting as a gateway to Germany, this asset is located in one of Central Eastern Europe’s most sophisticated logistics hubs. With a blue-chip tenant on a lengthy lease, it was a perfect match for our client’s requirements.”
International real estate advisor Savills advised the buyer.
The image of Havel International Airport is courtesy of Wikimedia under Creative Commons and is by Captain Raju.
New H.Trium Office in Munich
GERMANY
BNP Paribas REIM has acquired the new H.Trium Office building in Munich, from ISARIA Wohnbau AG.
The 4,300 square meter property is in the heart of Westend district. The new building, delivered in July 2019, is also expected to qualify for a BREEAM certification by 2020.
H.Trium Office is in Western Munich, which features a mix of office, retail and also residential properties.
It is part of a development project by ISARIA Wohnbau AG. This aims to create a modern and green district for living as well as working in Bavaria’s capital.
Proud of this off-market deal
Isabella Chacón Troidl, Chief Investment Officer and Managing Director of BNP Paribas REIM Germany, says, “We are proud of this off-market deal in the highly competitive Munich market. The development is located in a district with clear upward potential representing an interesting opportunity for our investors.”
Jean-Maxime Jouis, Director in charge of Fund Management at BNP Paribas REIM France, adds, “H.Trium Office is the third acquisition of our dedicated fund Opus Real. We will continue to further invest in German top cities and strengthen the position of Opus Real in the German real estate market, which offers strong fundamentals and outstanding investment opportunities. In addition, the low vacancy rate in Westend of Munich along with the significant rental increase potential ensure secure cash flows.”
The SCPI Opus Real, a French regulated fund dedicated to private clients managed by BNP Paribas REIM France, aims at acquiring a diversified portfolio of mostly commercial real estate in Germany. In 2018, Opus Real acquired an office building in Bad Homburg and also an Ibis hotel in Munich.
Hogan Lovells (legal advisor) and MasterPlan (technical advisor) advised BNP Paribas REIM.
Source: https://www.realestate.bnpparibas.com/bnp-paribas-reim-acquires-htrium-office-building-munich
Mountpark acquires 30-hectare logistics site in Bratislava
SLOVAKIA
Known as Mountpark Bratislava, the site is next to a new junction on the D1 highway. It provides easy access to Bratislava city centre, Bratislava International Airport and also rapid connections to Austria, Hungary and the Czech Republic. Mountpark plans to start construction in 2020.
Mario Sander, Managing Director Central Europe, at Mountpark, says, “There is growing demand for modern logistics facilities close to Bratislava.
“We aim to provide our customers with the best real estate opportunities on the market, so we are delighted to have acquired this prime logistics site. With access to a pool of skilled labour, Mountpark Bratislava can accommodate large footprint buildings at the heart of the city’s new highway network.”
Source: https://mountpark.com/news/mountpark-acquires-logistics-development-site-in-bratislava/
