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Eversheds Sutherland advises Invesco Real Estate on the financing of €530 million hotel portfolio acquisition

  • Germany

    28-09-2017

    For three mandates, Invesco Real Estate (IRE) has acquired a European hotel portfolio in the amount of € 530 million. Eversheds Sutherland advised the global real estate investment manager regarding the financing of the acquisition which was one of the largest transactions for institutional investors on the European hotel real estate market of the year.

    The total portfolio comprises 13 hotels in Germany and the Netherlands. 85 percent of the hotels are located in Germany (Berlin, Dortmund, Dusseldorf, Frankfurt, Hamburg, Heidelberg, Cologne and Munich), 15 percent are located in Amsterdam. The portfolio was sold by funds of Apollo Global Management.

    The portfolio was acquired for three funds managed by Invesco Real Estate. Four of the hotels with a share of 38 percent in the portfolio were acquired for the newly established open-end European Hotel Fund. Another eight hotels with a share of 26 percent in the portfolio were acquired for a long-standing separate account mandate of IRE; the remaining 36 percent are acquired by a joint venture in the form of a separate account mandate with a Danish and a Dutch institutional investor.

    With this transaction Invesco Real Estate secures a premium portfolio in two of the strongest European economies and meets the increasing demand of institutional investors in hotel real estate.

    Invesco Real Estate is one of the leading real estate investment managers and belongs to Invesco Ltd with an international network of 29 locations and managed assets of approximately US$ 906 billion. More than 7,000 employees worldwide advise clients in over 120 countries.

    A German-Dutch team of Eversheds Sutherland led by Thomas Ziegler (Real Estate, Munich) advised Invesco Real Estate regarding its financing. Further members of the team were Jennifer Hock (Real Estate), Frank Achilles, Laura Bürgel (Employment, all Munich), Matthijs Bolkenstein, Wouter Folkers, Lucas Lustermanns (all Banking/Finance), Tessa Bender (Employment Law, all Amsterdam).

    The Real Estate practice of Eversheds Sutherland regularly advises international clients on all aspects of real estate law – ranging from cross-border transactions through to planning law and real estate asset management. Together with the experienced real estate team in Dusseldorf which joined the firm most recently, Eversheds Sutherland offers comprehensive advice in all four German locations.

    Thomas Ziegler, LL.M., Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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