The fund « PRIMOTEL EUROPE » has the objective of investing 240 million Euros over 3 years, in French and European hotels in the 3 to 5-star category.
« PRIMOTEL EUROPE » has made its first acquisition in December, of two hotels in Brussels: the Renaissance Brussels and the Marriott Executive Apartments Brussels, both situated close to the European Parliament.
Creation of Primotel Europe, a European hotel investment fund
Aviva Investors Real Estate France SGP (AIREF SGP) and Algonquin announce the founding of « PRIMOTEL EUROPE », a regulated investment fund dedicated to the hotel market and directed towards institutional investors. Its portfolio will be composed of prime French and European city hotels from 3 to 5 stars, with a participation in either real estate only or both real estate and operations (PropCo and OpCo).
With a total available equity of 240 million euros to invest over 3 years, « PRIMOTEL EUROPE » will offer its investors an attractive diversification of assets (geographical diversification and segment diversification) in a very competitive European real estate market.
To affirm its conviction in this type of assets and in the strategy proposed, Aviva France is the first investor of the fund. To finance « PRIMOTEL EUROPE’s » first acquisition in December 2015, the group has already invested 40 million euros. Algonquin will remain a minority equity investor and will be the operating partner of the fund.