has acquired a 327-bed hotel in Poland on behalf of a German separate account mandate from Granaria Development Gdansk, a partnership between Immobel and Multibud.
The real estate manager said the acquisition of the Cloud One Hotel Gdansk is the first time the client, 鈥渁 long-standing German separate account mandate鈥�, has diversified into the hotels sector.
Financial details were undisclosed.
The seven-storey hotel located on Granary Island in central Gdansk, completed this year. It will be managed by Motel One Group under a 25-year lease.
Tomas Picha, senior director of investment management, CEE at Invesco Real Estate, said: 鈥淭he Cloud One Gdansk asset has a long lease with a highly attractive yield profile. As such, it represents a compelling investment for our German client while also building further on Invesco Real Estate鈥檚 specialist, long-term success in the European hotels sector.
鈥淕dansk has continued to benefit from increased tourism and business traffic, supporting the strong investment case for this acquisition.鈥�
Michael Berchtold, director of fund management at Invesco Real Estate, said: 鈥淭he Cloud One Gdansk acquisition is a strategic move for our client, as the property fits the mandate in terms of location, quality and tenant profile, as it has an exceptionally long lease with a strong tenant.
鈥淭he European hotels sector continues to recover post-COVID and offers excellent opportunities for investors on a select, disciplined basis. We continue to see demand from clients and remain well positioned to support institutional investors looking to diversify portfolios.鈥�
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