Union Investment Real Estate GmbH has acquired Berlin’s andel’s hotel from Warimpex Finanz- und Beteiligungs AG and UBM Development AG. Worth roughly €105m, the transaction is expected to close in the third quarter of the year. It’s the eighth German hotel acquisition for Union Investment.
Delivered in 2006, the 4-star andel’s hotel wa a JV between Warimpex and UBM. Vienna International Hotelmanagement AG has managed the property on the behalf of the previous owners and will keep its role after the deal is closed.
“The sale of andel’s does not mean we are exiting the German capital,“ said UBM CEO Karl Bier. “On the contrary, Berlin offers a range of investment opportunities. In addition to a number of residential projects, we are developing Holiday Inn Express Alexanderplatz near Berlin’s City Hall. We are also working on a shopping centre and event venue together with Warimpex, which will be located on the site of Berlin’s former central stockyard and abattoir opposite andel’s Hotel.“
