IRE closes second hotel fund at €200m
Invesco Real Estate (IRE) has closed its second hotel fund with circa €200m of equity.
The current assets plus the additional equity raised will allow IRE to grow
the fund to circa €400m with leverage.
As at the end of February, the second hotel fund had assets under management
of circa €280m and eight assets in Austria, Germany and the Netherlands.
IRE was one of the first investment managers to devise a dedicated hotel sector
investment strategy for the European institutional real estate industry and
currently manages investments from clients across four different countries.
Its dedicated hotel sector funds have a combined assets under management of circa
€920m and 25 properties across the UK and Europe.
Future investments into the hotel sector are planned on behalf of the second fund and new separate account clients.
Marc Socker, senior director for Hotel Fund Management said: “We are
delighted with the growing interest institutional investors have shown in the hotel
sector and the recognition from the investor community that it offers a compelling
investment story with long leases and strong stable income, two features which
many investors find attractive in today’s environment. Following the close of the
second hotel fund, we are looking for additional investment opportunities in the