Swedish real estate company Fastighets AB Balder bought a seven-hotel portfolio in Germany for roughly €58 million.
The properties, comprising 842 rooms with a lettable area of over 40,000 square meters, are leased to hospitality group Ligula Hospitality Group AB for 20 years. Ligula is an existing tenant in some of Fastighets' properties, according to a release.
Roughly 40% of the portfolio's rental value is derived from Berlin. Other significant locations include Leipzig, Erfurt and Gelsenkirchen.
Fastighets used its existing cash to buy the properties.