French real estate investment company ANF has completed the EUR 471 mln acquisition of 159 hotels from B&B, France's third largest budget hotel group. B&B will continue to manage the hotels after signing a 'triple net' lease for an initial global rent of EUR 27.3 mln. Leases are for an initial 12 year-period and will be twice renewable at the request of B&B. Renewed rents will be calculated as a margin on the 3-year average sales, limited to a 115% increase of the last year's indexed rent.
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