Europa Capital LLP, the general partner of Europa Fund IV, together with its local partner, P.B.G GmbH Frankfurt, have sold the Innside Hotel in Dusseldorf-Seestern, Germany to Quadoro on behalf of Vescore Sustainable Real Estate Europe, an open ended real estate fund, for €14.4 million, representing a yield of 6.25%.
The four star Innside Hotel with 126 rooms is leased to Innside until 2026. It is arranged over 6 floors and enjoys the highest occupancy rate among its competitive set in Seestern. The asset was acquired by Europa Capital in 2013 together with the adjacent Cubus Office building, which is now 100% leased following a programme of light refurbishment, and implementation of energy-saving measures.
Cooperation between Europa Capital and P.B.G was established in 1999, during which time the longstanding partnership has executed over €600 million of successful investments in Germany.
The Dusseldorf-based agent Anteon, together with Clifford Chance, advised the seller.
Commenting on the transaction, Nic Fox, Partner and Head of Middle Europe at Europa Capital, said: “This sale represents the fifth disposal from Fund IV, which completed its investment programme in April 2016, and underlines Europa’s focus on returning capital to its investors”.
For further information, please contact: Gordon Simpson/ Elizabeth King, Finsbury: +44 20 7251 3801
NOTES TO EDITORS
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised 9 real estate funds and committed to over 105 transactions totalling more than €9.5 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of Rockefeller Group International, Inc. (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com
P.B.G has been active as both developer and investor in the German market for 20 years.
P.B.G has over this period realised some €2 billion of transactions, acting as co-investor and joint venture partner to international investment partners.
Further information can be found at: www.pbgm.de
Quadoro is a Doric group company. Quadoro’s core business involves structuring, acquiring and managing real estate investments. Doric GmbH, together with its subsidiaries in Germany, the UK and the USA (Doric), acquires, structures and manages yield-orientated assets in its core business sectors transportation, real estate and energy. Doric manages assets with an investment volume of over USD 8.5 billion. Doric Investment GmbH is the Doric group’s Alternative Investment Fund Manager (AIFM) and offers a number of services relating to the German Investment Code (KAGB) and the regulation of investments.