BNP Paribas Real Estate Investment Management has acquired a portfolio of three Ibis Hotel located in Munich.
Financial details were not disclosed.
BNP Paribas REIM has signed a 20-year lease agreement for an Ibis franchisee in existence since 1996. The three assets, built between 2012 and 2016, comprise a total of 410 bedrooms.
‘These acquisitions demonstrate the capacity of BNP Paribas REIM to access an alternative real asset class in a very competitive market like Germany,’ commented Jean-Maxime Jouis, head of fund management of BNP Paribas REIM France.
Ibis Munich City-East is a 2-star hotel located in the Berg am Laim suburb of Munich. It provides 167 bedrooms with a total area of 5,500 m2.
Ibis Munich City-South is a 4,500 m2 hotel situated in the Obergiesing-Fasangarten suburb of Munich.
These two assets were acquired on behalf of BNP Paribas Diversipierre, a French open-ended real estate fund with net assets valued at around €1.2 bn on 13th July 2018. As of today, BNP Paribas Diversipierre has invested 10% of its real estate assets in hotels.
The third property is Ibis Munich Airport (pictured), a 110-bedroom hotel built in 2016 nearby to Munich airport. It was bought on behalf of the SCPI Opus Real, a French regulated fund dedicated to private clients managed by BNP Paribas REIM France.
‘These acquisitions are in line with the strategy of these two funds: seeking a stable and secured cash flow, in a highly liquid market. The hotel sector in Munich offers an excellent diversification opportunity with a balanced clientele of both leisure and business segments. The positive forecasts for the hotel market in Munich in the long term should also contribute to the value appreciation of these assets,’ Jouis explained.