AXA IM buys 11 European hotels for €531m

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AMSTERDAM - Oct. 3, 2019 - PRLog -- AXA Investment Managers – Real Assets has agreed to acquire a portfolio of 11 established European hotels on behalf of clients.

The European hotels include the Hilton Vienna Danube Waterfront as well as the MGallery Cologne. The net price is €531 million.

The portfolio of European hotels is to be secured through the acquisition of all assets held by the Principal Hotel Immobilien Spezialfonds, managed by Principal Real Estate.

The 2,339-room portfolio of European hotels comprises business, trade fair and also leisure properties. Seven are in key cities in Germany and the others in Vienna, Turin, Lisbon and also The Hague. Internationally-renowned brands operate the European hotels. These include Accor, Hilton and also NH on long leases.

John O'Driscoll, Head of Transactions Europe, at AXA IM – Real Assets, says, "With various asset management initiatives already identified, including on-going renovation works being undertaken at two of the hotels, we are confident that we can further enhance the long-term income generated from the portfolio, on behalf of our clients."

The image is from Wikipedia. It is reproduced under CreativeCommons.

Microsoft and Philips Milan HQs bought off-market for €158m

COIMA RES has secured off-market, the acquisition of the Microsoft and also the Philips headquarters in Milan.

The fully-let office properties fetched for an aggregate value of €158 million at a blended EPRA Topped-up Net Initial Yield of 5.0% (EPRA Net Initial Yield of 4.5%).

The two properties are the Microsoft headquarters in Milan Porta Nuova valued at €97.5 million and the Philips headquarters in Milan Bicocca valued at €60.5 million.

The Microsoft headquarters is a 9,400 sqm newly built property. It is LEED Gold certified and is designed by international architecture firm Herzog & de Meuron (construction finalised in 2016. It is entirely leased to AAA-rated global technology company Microsoft with a 4.4 years WALT. The property serves as the Italian headquarters of Microsoft. The property is in the fast-growing Milan Porta Nuova business district. It also has excellent access to the Monumentale and Garibaldi metro stations.

The Philips headquarters is a 17,500 sqm refurbished property, LEED Platinum certified, which was built in the 1980s and was refurbished in 2016-2017, designed by the Italian architect Alessandro Scandurra. The building is fully let with a 7.0 years WALT.


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Adrian Bishop
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