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Union Investment acquires Arcotel Kaiserwasser hotel in Vienna

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Hamburg-based Union Investment Real Estate is expanding the portfolio of its UniImmo: Europa open-ended real estate fund, which has liquidity of around 30 per cent, with the acquisition of

Hamburg-based Union Investment Real Estate is expanding the portfolio of its UniImmo: Europa open-ended real estate fund, which has liquidity of around 30 per cent, with the acquisition of the four-star Kaiserwasser hotel in Vienna for some EUR34m.

The vendor is Vienna-based company Raiffeisen Evolution Project Development. Open since the summer of 2007, the hotel has 282 rooms, suites and apartments, as well as fitness and spa facilities. The Kaiserwasser is a new build located on the River Danube and is leased to the Arcotel hotel group for 20 years.

UniImmo: Europa first invested in the Austrian capital in 2007 by purchasing the 31-storey Floridotower office complex. The fund’s hotel portfolio also comprises other three to five-star business hotels in Germany and France run by Dorint, Marriott, Mövenpick, Steigenberger, Pullman and Radisson SAS.

Following the purchase of the Arcotel Kaiserwasser, hotels now account for around 8 per cent of the holdings of the fund, which is currently not being actively marketed. Units in UniImmo: Europa will go back on sale when liquidity has been reduced to an appropriate level by acquiring further investment properties.

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