APG AND GIC JOINTLY ESTABLISH ARCHER HOTEL CAPITAL

Dutch pension fund APG Group and Singapore-based GIC Real Estate have jointly formed a new European hotel investment vehicle, Archer Hotel Capital B.V. This announcement follows the exit of Host Hotels & Resorts from the previous European joint venture between Host, GIC and APG, with GIC and APG acquiring Host’s interest in a portfolio of eleven hotels and over 4,000 rooms in major Western European cities. All eleven assets will be transferred to Archer Hotel Capital and total some €2 billion in gross asset value. The new vehicle’s shareholders intend to commit an additional €300 million in equity to capitalise on future investment opportunities.

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