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Union Investment buys two ibis hotels in Vienna

The German investment company announced the purchase of the ibis & ibis Budget Wien Messe, the first acquisition outside Germany for its fund UII Hotel Nr. 1 special fund.

The German firm Union Investment announced the takeover of the complex that includes the hotels ibis and ibis Budget Wien Messe, in the Austrian capital. The amount of the transaction has not been revealed. This is the first investment outside Germany of its UII Hotel Nr. 1 special fund, created in 2013 with a primary target of new generation economy hotels with long-term lease contracts.

The complex that was just bought by Union Investment has a total surface area of 14,777 square meters, 71% of which accommodates the two hotels, 21% offices and 140 parking spaces. The ibis and ibis Budget properties have 158 and 250 rooms respectively, operated by the groupe Accor through a long term lease. The complex was developed by S+B Gamma Immobilienentwicklung GmbH.

"Vienna is an attractive location for hotel investors due to demand from both business travelers and tourists. We are delighted that our long-term relationship with S+B Gruppe has now allowed us to access the high-growth budget segment in Vienna," remarked Dr Christoph Schumacher, a member of the management team at Union Investment.

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