Pandox AB (OM:PNDX B) and Eiendomsspar AS acquired Radisson Blu Cologne, NH Munich Airport, NH Frankfurt Airport and NH Collection Hamburg City from European Hotel Real Estate Fund II managed by Invesco Real Estate Limited.
November 17, 2016
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Pandox AB (publ) (OM:PNDX B) and Eiendomsspar AS (OTCNO:EISP) entered into an agreement to acquire Radisson Blu Cologne, NH Munich Airport, NH Frankfurt Airport and NH Collection Hamburg City from European Hotel Real Estate Fund II managed by Invesco Real Estate Limited on November 18, 2016. Eiendomsspar AS will acquire 5.1% stake in the four German hotels. In a related deal, Pandox AB (publ) (OM:PNDX B) signed an agreement to acquire NH Vienna Airport, NH Salzburg City and Park Hotel from European Hotel Real Estate Fund II managed by Invesco Real Estate Limited. The acquisition price for the seven hotel portfolio is €415 million, on a debt free basis. The acquisition is fully financed by a new bank loan with Aareal Bank of €269.75 million and existing credit facilities. The acquired hotels contribute immediately and positively to Pandox's earnings and cash flow. Torsten Pokropp, Robert Hofbauer, Martin Wilmsen, Martin Haller, Catharina Voß, Martin Heinsius, Marc Fellner, Thomas Schmuck and Christian Marzlin of DLA Piper acted as legal advsior to Aareal Bank. David Ryland, Mark Rajbenbach, Jan Gernoth, Edouard Lange, Uwe Halbig, Hannes Riedel, Stephen Nicolas, Johannes Ruppel and Maximilian Kuhn of Paul Hastings LLP acted as legal advisor to Invesco Real Estate Limited. Christophe Clément, Theodore J. Fisher, Réda Faïd and Nawelle Deghdough of Clément & Avocats acted as legal advisor to Pandox. Ulrich Brauer, Claudia Leyendecker, Johannes Zöttl, Christian Trenkel, Johannes Willheim, Markus, Hamann, Zhaoxia Chen, Mathias Rabe, Anna Zwalve, Stella Greisbach, Verena Alof, Annegret Andrée, Bastiaan Kout, Reinout Bautz, David Weinstein and Flip van der of Jones Day acted as legal advisor to Pandox. Christian Marth and Lisa Haslinger of Vavrovsky Heine Marth acted as as as legal advisor to Pandox. Oliver Dörfler of KPMG acted as accountant to Pandox.
Pandox AB (publ) (OM:PNDX B) and Eiendomsspar AS (OTCNO:EISP) completed the acquisition of Radisson Blu Cologne, NH Munich Airport, NH Frankfurt Airport and NH Collection Hamburg City from European Hotel Real Estate Fund II managed by Invesco Real Estate Limited on November 18, 2016.
Eiendomsspar AS is a Norway-based real estate manager and developer, which serves a range of commercial and institutional clients throughout Europe. The Companyâs organizational structure consists of four geographical segments: Oslo, Norway (excluding Oslo), Scandinavia (excluding Norway) and Northern Europe (excluding Scandinavia). Eiendomsspar specializes in provision of real estate and plots for hotels, offices, shopping centers and parking places, among others, with focus on the municipality of Oslo and the Greater Oslo Region. The Company operates through a range of subsidiaries such as Alna Park AS, Arena Eiendom AS, Eiendomsspar Energi AS, Folketeaterbygningen AS, Gabelshus AS, Holmenkollen Invest Eiendom AS, Mack Kvartalet AS, Renref AS, Tallinor OU and Vollabygget AS. Eiendomsspar AS is a subsidiary of Eiendomsspar Invest AS.
Pandox AB (OM: PNDX B) and Eiendomsspar AS acquired Radisson Blu Cologne, NH Munich Airport, NH Frankfurt Airport and NH Collection Hamburg City from European Hotel Real Estate Fund II managed by Invesco Real Estate Limited.
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