LONDON, 4 July 2019--
• Invesco Real Estate has signed two forward purchase hotel deals in Florence and
Milan, investing approximately €160m into two of Europe’s top tourist and growing
business destinations.
• The deals provide Invesco Real Estate’s hotel strategy with access to excellent micro
locations in top tier markets, diversifying its growing portfolio.
• Delivers a continued strong partnership for Invesco Real Estate with leading brands
and best in class operators – 25hours in Florence and NH Hotel Group in Milan.
Invesco Real Estate (Invesco), the global real estate investment manager, has secured
two hotel developments on a turn-key basis in Florence’s historic city centre at Piazza
San Paolino and in CityLife Milan, near the Portello business district. Both hotels will be
operated under long-term lease agreements with strong internationally recognised
brands. The deals add an additional country, operator and hotel style to Invesco Real
Estate’s growing pan-European hotel portfolio, which currently has 25 investments with
over €1.5bn of AUM.
Chris Brassington, Senior Director - Fund Management at Invesco comments: “Italy is a
key hotel market, ranking as the third most visited destination in Europe for
international tourism and one that we have been looking to access as we grow our
diversified hotel portfolio. The addition of these assets provides access to a new-build
lifestyle hotel in the heart of Florence and the growing Citylife district of Milan, where
corporate and convention demands are set to increase. These assets will add value
creation opportunities and stable income for our investors’ growing portfolio of
investments.”
Scheduled to open in the second half of 2020, the 25hours hotel in Florence will be a
lifestyle and full-service hotel, which will offer 172 uniquely-designed guestrooms, a
large c.1,000 sqm garden (a rarity in Florence city centre) all within the centre of the
UNESCO protected old town. Florence ranks as one of the Italy’s top four most visited
cities, primarily driven by international tourism. The seller is Art-Invest Real Estate.
The new NH Collection – upper upscale brand of NH Hotel Group – in Milano is located in
the up-and-coming Milan sub-market CityLife, an historic neighbourhood redevelopment
housing mixed-use developments including office, retail and residential, thus attracting
major international companies. The development is set to open in Q4 2021 and will offer
185 rooms with conference facilities and a swimming pool in the rooftop.
Invesco Real Estate was advised on both deals by Hogan Lovells, PWC and Ernst &
Young.
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