New fund targets hotels in the DACH region
Bayerische Versorgungskammer and Universal-Investment are launching a new fund with project developer GBI that invests in hotel properties in Germany, Austria and Switzerland.
The cooperation between GBI, Bayerische Versorgungskammer and Universal-Investment was launched at the beginning of the year, and now the first property has been acquired - the four-star Lindner Am Michel hotel in Hamburg.
Comparable portfolio properties in the two- to four-star category in Germany, Austria and Switzerland are now to be acquired for the hotel fund, the companies say. And not only at top locations, but in attractive locations of B and C cities. In addition to classic hotels, investments are also to be made in offers in the long-stay sector; the company is also interested in properties that are still in project development status, the statement continues.
The fund's investment strategy is to build up a high-quality portfolio with a long-term focus. Initially, up to 500 million euros are to be invested.
With assets under management of around 77 billion euros, Bayerische Versorgungskammer is considered one of the most important institutional investors in Germany. GBI says it is Germany's largest developer of hotels, and the company is also active in Austria with several projects. The investment company Universal-Investment manages assets of around 411 billion euros, of which 338 billion euros are in its own vehicles. The company focuses on managing funds, securities, alternative investments and real estate. (ah)
