Union Investment鈥檚 open-ended real estate fund Unilmmo: Global has made its first hotel acquisition in Scotland.
Real estate manager Union Investment said it bought the two hotel properties in Edinburgh from MAS Real Estate for around 鈧�43.4m.
Since its opening in 2016, the 248-room development has been occupied by two hotel formats 鈭� a Premier Inn with 127 rooms and a Hub by Premier Inn with 121 rooms.
Andreas L枚cher, the head of investment management for hospitality at Union Investment Real Estate, said: 鈥淲e have been investing successfully for several years in the high-growth budget and midscale hotel segment across Europe.鈥�
The Premier Inn and Hub by Premier Inn brands provide further diversification in our portfolio, L枚cher said.
鈥漌e are delighted to be adding two Premier Inn hotels to our holdings, particularly as both formats have already proven effective at the location.
鈥滱fter London, Edinburgh is the most popular travel destination in the UK and is increasingly attracting the attention of international hotel investors.鈥�
