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Report: Finnish fund mulling €800M sale of 38 hotels

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Report: Finnish fund mulling €800M sale of 38 hotels

A CapMan Oyj fund could sell off 38 hotels in northern Europe for more than €800 million, Bloomberg News reported, citing two people familiar with the matter.

The CapMan Hotels RE Ky fund acquired the assets, one of which is in Sweden with the remainder in Finland, for €805 million in 2008, the report said, citing CapMan head of real estate Mika Matikainen, who was speaking on the sidelines of a conference in Munich.

The company has appointed Catella Group to advise on the future of the fund, the news outlet said in its Oct. 6 report, citing Matikainen. The unnamed sources told Bloomberg that the options include a sale of the hotels, an extension of the fund's duration or the inclusion of new investors.