PropertyEU - July 17, 2009
German open-ended fund manager Deka Immobilien has bought a hotel in the Swedish city of Gothenburg for the equivalent of around EUR 41 mln. Located above Gothenburg's central station, one of the main railway junctions in Scandinavia, First Hotel G was acquired for Deka's WestInvest ImmoValue open-ended mutual property fund for institutional investors.
The property comprises total lettable space of around 13,600 m2 and is fully let to First Hotels for a term of 25 years. The 300-room First Hotel G is among the largest and most modern hotels in Gothenburg.
The purchase was implemented as part of a sale-and-lease-back agreement. The vendor was the Norwegian company Host Hoteleiendom, which owns 21 other hotel properties in Scandinavia all let to First Hotels.
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