Thursday, July 01, 2010

Altarea Cogedim Enters $140 Million Sale Leaseback of Paris Hotel

Reuters - July 1, 2010

Germany's Deka open-ended mutual property fund said on Thursday it has acquired a hotel in Paris for 114 million euros ($140 million) in a sale-and-leaseback agreement with French developer Altarea Cogedim (IMAF.PA).

The 118-room Hotel Renaissance Arc de Triomphe, near the Paris landmark, will be leased long term to Altarea, and managed by hotels operator Marriott International (MAR.N), Deka said in a statement.

Deka's parent, DekaBank, Germany's largest manager of open-ended property funds, said last month it plans 2 billion euros worth of property buys globally this year, focused on safer, more liquid markets. Sphere: Related Content

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