BVK invests in €500m hotel fund
Universal-Investment has launched a new hotel €500 million ($565 million) fund through a mandate with the €77 billion ($87 billion) Bayerische Versorgungskammer (BVK), a German pension fund. Hotel developer GBI will oversee its investments and property management.
The new fund will invest in hotel assets throughout Germany, Austria and Switzerland. It will also consider existing properties, hotel projects, or will continue to develop properties that are already under way.
The fund has made its first acquisition already, buying the 259-room Lindner Hotel Am Michel in Hamburg, Germany. Lloyd Fonds sold the hotel, which was completed in 2008, for €35.7 million ($40 million).
In other recent transactions, BVK secured six coveted logistics properties in Germany. Invesco Real Estate advised Universal-Investment on the acquisition of a portfolio of six logistics projects