Art-Invest invests in Erlangen and Munich
Art-Invest Real Estate has purchased the Novotel Erlangen for its “Hotel-Manage to Core-Fonds” from an E&P Real Estate closed-ended fund. According to TD research, the deal played out at about €20mn. The 170-room, three-star hotel opened in 2001 is operated by Accor. Art-Invest was advised by JLL, KPMG, Drees & Sommer, and Warth & Klein. Art-Invest said that this buy brings its hotel acquisitions in 2015 to €280mn. The company, together with Accumulata, just recently bought the former Temmler area in Munich. The 26,400 sqm premises is on the corner of Berg-am-Laim-Strasse and Weihenstephaner Strasse. Temmler Werke, advised by BMI Immobilienmanagement and GSK Stockmann + Kollegen, was the seller. Wagensonner Rechtsanwälte and PriceWaterhouseCoopers Legal assisted the buyer. Art-Invest said that plans for the area’s usage were now being coordinated with the city.
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