DWS today announced that it has acquired the four star Hotel GLAM located in central Milan in an off market transaction from Reale Immobili S.p.A. The acquisition is on behalf of DWS’s institutional, open ended, core real estate fund, Europe II.
Built in 2015, the 12 level hotel is well located in Piazza Duca d'Aosta in front of Milan’s ‘Centrale FS’ railway station, Italy’s second busiest. It comprises 171 rooms as well as a restaurant and bar, gym, and conference facilities.
“Hotel GLAM provides a rare opportunity to acquire a strong performing, newly built hotel in a dominant location in Milan’s Centrale Station area,” said Ronen Ribak, Head of Transaction, Europe at DWS. He added: “Milan continues to lead as a tourist destination reflecting favourably on the hotel sector and its fundamentals. We will continue to seek investment opportunities in dominant locations across Europe.”
The Centrale Station area also benefits from close proximity to the Porta Nuova Central Business District and is one of the best performing hospitality areas in Milan.
“This acquisition further enhances the funds diversified profile by adding exposure to Italy’s growing hospitality market to the portfolio which already includes residential, logistics, offices and retail properties in various European countries,” said Nicoletta De Bona Bottegal, Portfolio Manager for Europe II. “Hotel Glam will further contribute to the income return of the fund which is a key focus of our business plan”.
“The strong operating history and growth potential of Hotel GLAM align well with the core fund profile of Europe II,” said Jessica Hardman, Head of Real Estate Group, UK and Ireland. She continued: “We are pleased with the continued investor interest and growth of the fund with this sixth acquisition. Europe II and the pan European core strategy is an area of strength for DWS and with investments like Hotel Glam we are focused on growing this fund alongside achieving the performance targets for our investors."
This transaction follows the recent acquisition of B-Square, the forward funding of a Grade A office property in Greater Paris in November.
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DWS - Real Estate
DWS’s real estate investment business has been investing in real estate assets for almost 50 years. As part of the Alternatives platform, the real estate business has more than 450 employees around the world and EUR 60 billion in assets under management as of June 30, 2019. Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.
About DWS Group
DWS Group (DWS) is one of the world's leading asset managers with EUR 752bn of assets under management (as of 30 September 2019). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically.
DWS wants to innovate and shape the future of investing: with approximately 3,600 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future.