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AXA to buy 11 hotels for €545M

Principal Real Estate Europe entered a contract to sell its remaining portfolio of 11 city center hotels in major European cities to AXA Real Estate Investment Managers SA's AXA Investment Managers - Real Assets for €545 million.

AXA acquired the properties, part of the Principal Hotel Immobilien Spezial Fonds, on behalf of its clients in an off-market transaction. The deal is expected to close during the fourth quarter.

The portfolio includes over 2,300 rooms in seven hotels in Germany, including the Mondial Hotel am Dom MGallery in Cologne, the NH hotels in Dusseldorf and Cologne, two Mercure hotels in Berlin and Hannover, the Intercity hotel in Leipzig and the Steigenberger hotel in Kiel. It also includes the Hilton Danube hotel in Vienna; the Ibis hotel in The Hague city center, Netherlands; the Lux Hotel Lisboa Park in Lisbon, Portugal; and the NH Hotel Turin Center in Turin, Italy.

The transaction concludes the disposal of the entire portfolio of Principal Europe's first hotel real estate fund which held a final close in 2012. It acquired a total of 16 hotels.