UNION INVESTMENT BUYS ANDEL'S HOTEL BERLIN
Frankfurt-based Union Investment has purchased the 557-room andel's Hotel in Berlin, Germany, from a property company owned by Warimpex Finanz-Und Beteiligungs AG and UBM Development AG for €105 million (€188,500 per room) for its Unilmmo: Deutschland open-ended real estate fund. The deal is expected to close in the third quarter of 2015. The four-star hotel, near Alexanderplatz Square, opened in 2009 and will continue to be operated by Vienna International Hotels & Resorts. This is Union's eighth hotel investment in Germany's capital.