Date: October 2018
Location: Andreas-Hermes-Platz, Hanover, Germany
Name: TBA – an Intercity Hotel – opening 2020
No. of Keys: 220
Seller: Hanover-based Grundstücksgesellschaf Bauwo. They also have an interest in the Holiday Inn Express Goettingen and a Hotel and Borading House in Hanover
Buyer: The Real I.S. Spezial AIF “Themenfonds Deutschland II” Fund
The 6,200 sqm hotel will be on 15 floors.
The Steigenberger Group (Deutsche Hospitality) will operate an “IntercityHotel” there as tenant.
The hotel is located in the direct vicinity of Hanover Central Station and will offer exclusive access to a public underground car park. The “Lister Meile”, a popular shopping street with
restaurants, bars and shops, is a short way away on foot.
“With 2.2 million overnight stays, Hanover is Lower Saxony’s most important hotel location,”
says Axel Schulz, Global Head of Investment Management at Real I.S. AG.
“The demand for sustainable yields and hotel real estate is on the rise in the investment market. This property has enabled us to secure an attractive investment in Hanover in a dynamic hotel market with good future prospects.”
Real I.S. Themenfonds Deutschland II is aimed at institutional investors and principally
invests in office and retail property, supplemented by residential, hotel and logistics real
estate. The fund pursues a core/core plus strategy and invests exclusively in Germany.
The Real I.S. Group has a track record of more than 25 years as BayernLB’s fund provider specialised in real estate investment.
As a member company of the Sparkassen-Finanzgruppe (group of German savings banks, Landesbanken and associated companies), the Group ranks among the leading asset managers in the German market.
Along with Alternative Investment Funds (special AIFs and closed-end mutual AIFs), the range of products and services comprises customised fund solutions, club deals and joint ventures. The company has assets of over EUR 8 billion under management.
The Real I.S.Group has two licensed investment management companies (KVGs) established under the German Investment Code (KAGB) and operates subsidiaries and branches in France, Luxembourg, Spain, the Netherlands and Australia.
Price: Thought to be between €35m and €40m
Price per Key: at €38m – €172,727
THPT Comment: Slightly chequered background to this getting built…good to see it’s own it’s way now.
First Seen: Real I.S. website