The purchaser is a joint venture between French institutional investor, Cardif Insurance Company (a subsidiary of BNP Paribas) and Algonquin SA, who will remain operating partner and asset manager of the hotel. The sale was concluded in an off-market transaction.
The JV originally acquired the asset in October 2015 as part of an eight asset pan-European hotel portfolio located across Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels. Since then, the JV has also disposed of the Brussels asset from the portfolio, to an institutional hotel fund.
The 396-bed Pullman hotel is situated in an excellent location near the AccorHotels Arena. Following a full refurbishment in 2013, the asset has seen strong operational performance as a beneficiary of Bercy’s increasing prominence as a corporate destination.
Benson Elliot acquired the asset for an affiliate of BEREP IV (the “Fund”), its recently closed pan-European private equity real estate fund which was oversubscribed with approximately €700 million of capital at its disposal. The sale of the Pullman represents an early realisation for the Fund, the proceeds of which will be invested into new opportunities.
Trish Barrigan, Benson Elliot Senior Partner, said:
“This transaction offered a compelling opportunity to quickly realise returns on behalf of BEREP IV. We are already making good progress in terms of both investments and divestments, with this representing our third sale on behalf of the Fund, and we remain alert to new opportunities across European markets that will benefit from our strong underwriting capability and asset management expertise.”
ENDS
For further information:
Benson Elliot
Trish Barrigan, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com
FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com