Sveafastigheter, Midstar and Event acquire Ibis Hägersten

Sveafastigheter adds its 17th hotel to Fund III through the acquisition of the 190 room Ibis Stockholm Hägersten. The hotel is located just south of Stockholm near Stockholmsmässan, one of the Nordic’s premier fair and congress venues.

In 2010 Sveafastigheter Fund III bought Accor’s local operating company, renamed Norse Hotels, as well as 14 hotels. Ibis Malmö and Ibis Nyköping were both acquired during 2011 and the consolidation of the portfolio now continues with the acquisition of Ibis Stockholm Hägersten.

The acquisition is carried out by Sveafastigheter through its joint venture with hotel asset manager Midstar and the Cologne based hotel operating partner Event Holding. The vendor is Pandox AB.

- We are thrilled to complete deals in the current financial climate. A task greatly facilitated by our strong relationship with DNB who display an in-depth understanding of the hotel industry and our business plan when it comes to financing this type of acquisition. The hotel will undergo a comprehensive renovation program and will be well placed to compete in the market when finished, says Simon de Château, CEO at Sveafastigheter.

For comments and further information, please contact:

Simon de Château, partner and CEO Sveafastigheter, phone +46 8 545 075 01 or +46 708 48 51 52, simon.de.chateau@sveafastigheter.se

Peter Tengström, partner and CEO Midstar, phone +46 8 545 075 00, or +46 703 00 38 20,
peter.tengstrom@midstar.se

Anders Braks, partner and CEO Event Holding, phone +49 221 973 0560,
anders.braks@eventholding.com

EVENT Hotel Group

Since 1993, EVENT has been an active hotel investor/operator on the European market. Currently EVENT owns, operates and manages 49 hotels (about 10,000 keys) in Germany, Sweden and Estonia. Event operates most of its hotels on a franchise basis in close cooperation  with leading international hotel companies such as Accor (IBIS, IBIS Styles, Pullman, Novotel, Mercure), the Carlson Rezidor Hotel Group (Park Inn by Radisson, Radisson BLU), Starwood (Westin), Raffles (Swissôtel), Marriott and Nikko.

Midstar

Midstar is a hotel asset management company. The company was formed in 2008 and works closely together with Sveafastigheter. The company is focused on investments in the hotel real estate sector as well as directly related hotel operating companies. Midstar invests in existing hotels as well as development projects in the Nordic and the Baltic Countries.

Sveafastigheter

Sveafastigheter is a leading Nordic property fund manager. The first opportunistic real estate fund, Sveafastigheter Sverige I, was launched in 2003. In 2006 Sveafastigheter launched its second fund, Sveafastigheter Fund II. In February 2011, Sveafastigheter Fund III held its final closing reaching EUR 317 million of commitments in aggregate. The third fund has to date made seven investments.

Sveafastigheter is based in Stockholm with offices in Helsinki and Malmö.

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