Aware Super has acquired APG’s stake in European apartment-hotel owner and operator The July. Combined with its existing stake acquired in 2020, Aware Super now owns the majority of the business.

The investment is part of Aware Super’s commitment to invest £5.25 billion (US$6.98 billion) in the United Kingdom and continental Europe over five years after the opening of a London office in November 2023. This investment drive is targeted at real estate, infrastructure and private equity opportunities.

As a sector, apartment-hotels have seen significant growth in recent years on the back of broad-based increases in international travel and relocation, a significant reduction in the number of new hotel constructions and a shift among consumers towards spending on experiences.

Apartment-hotels also have a more diversified demand base than traditional hotels as they attract both business visitors and long-stay guests, as well as leisure tourists.