German REIT Buys Two New-Builds in Poland

HAMBURG, GERMANY—Union Investment has secured the future Holiday Inn Gdansk City Centre hotel in Poland through a purchase agreement for one of its institutional funds. The hotel will have 240 rooms and be located on Gdańsk’s historic Granary Island. Completion and the transfer of rights and obligations are scheduled for mid-2019.

The Hamburg-based real estate investment manager will also complete the acquisition of another hotel in Poland, the 256-room Holiday Inn Warsaw City Centre on Ulica Twarda at the end of this month. The acquisition on behalf of open-ended real estate fund Unilmmo: Deutschland was cemented at the end of 2015 and is a forward purchase deal.

The hotel transactions in Gdańsk and Warsaw are worth a total of $99 million dollars (80 million euros). The developer, vendor and operator in both instances is UBM. InterContinental Hotels Group (IHG) will manage the properties under the Holiday Inn brand.

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