Swiss Life REIM France buys Pearl portfolio
Swiss Life Asset Managers Real Estate France has acquired the Pearl portfolio of the LFPI Group. It consists of ten hotels with 905 rooms located in seven major German cities as well as in premium locations in mid-sized cities.
The Pearl portfolio was acquired on behalf of two funds: a club deal fund specializing in economy and midscale hotels and the mass market fund SwissLife Dynapierre. Both funds are under the management of Swiss Life Reim (France).
An extensive renovation or expansion program was co-negotiated for three hotels in the Pearl portfolio. According to Swiss Life REIM, the remaining hotels have already been renovated. The majority of the hotels are marketed in association with brands such as Accor (Ibis, Ibis Styles, Mercure), IHG (Indigo) and Best Western. The management of the properties will remain with LFPI Hotels Management Deutschland GmbH.
"This portfolio is a great investment opportunity with very well maintained hotel properties that are well distributed across Germany and in line with our strategy. Our institutional real estate fund is thus equally composed of German and French lodging properties," says Fabrice Lombardo, Head of Portfolio Structure and Management.
For Frédéric Bôl, CEO Real Estate Investment Management, the investment represents "a new stage in the Europeanization" of the portfolios. According to him, Swiss Life REIM France has its sights set on further European real estate acquisitions.
