New DACH-focused conglomerate makes maiden hotel purchase in Hamburg
Create: May 12, 2019 Edit: May 14, 2019
In a bid to create solid long-term investments, the Bayerische Versorgungskammer (BVK) has partnered with GBI AG, a German project development company, to invest in and manage hotel properties in Europe’s Germany (D), Austria (A), and Switzerland (CH) — or DACH — region via a fund created by Frankfurt-based Universal-Investment.
The new fund’s strategy is to build a high-value, long-term portfolio. An initial investment of €500 million ($560 million) will go towards this goal.
With about €77 billion ($98 billion) of managed funds, the BVK is one of Germany’s most important institutional investors.
BUILDING A NEW PORTFOLIO
The collaboration between GBI and BVK officially began in early 2019 when the purchase of the fund’s first hotel property, the Lindner Hotel Am Michel in Hamburg, was decided.
“Set in a perfect downtown location in one of Germany’s most dynamic hospitality markets, this 4-star hotel is a fitting first step for the fund,” says Simon Behr, Director of Fund Management & Transaction at GBI AG.
Opened in 2008, the 4-star hotel set in Neanderstreet has 259 modern rooms and comes with a large events and conference space with seven meeting rooms. After being run by Lloyd Fonds AG for over 10 years, it has now been sold to BVK’s new fund.
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