Friday 18 September, 2020 TOP STORY City ID bags €500 million war chest Netherlands: APG and Aware Super will fund the growth of Amsterdam-based aparthotel operator City ID to the tune of €500 million over the next four years. LATEST NEWS If you missed our last newsletter....check out the stories below
Sandpiper continues to see strong growth in 2020 FEATURES VIDEOS/PODCASTS EDITOR'S COMMENT
• While many in our industry across the world are looking anxiously at what the next few months might hold in terms of lockdowns and travel restrictions - and their nullifying effect on business - it's great to see our sector getting a massive vote of confidence from the institutional investment space in the form of APG and Aware Super's massive commitment to City ID.
The pension and savings powerhouses have teamed up to provide a whacking €500 million war chest for the Amsterdam aparthotel operator to expand across European capital cities.
Interestingly, the future model for the company will be "a fully integrated asset heavy owner-operator". Given the difficulties many operators have had with landlords during the pandemic, this model could set the tone for future sector consolidation.
With Brookfield's edyn Group and now City ID opting for the owner/operator model, will the hotel sector look to follow aparthotels' lead and go full circle, ditching the asset light model it has embraced so enthusiastically in favour of a structure which is less volatile in times of crisis and offers significant opco/propco cost savings?
APG has also been active in the hotel space, teaming up with LCP to acquire the Wellington block in London from Capital & Counties Properties PLC (Capco) for £76.5 million. The Wellington block is a freehold island site on the south east corner of Covent Garden. It comprises six separate properties and has received planning permission to develop a 146-room hotel with retail and restaurant space.
• On the subject of investment, the next Urban Living webinar takes place on September 23rd, at 9:00am BST, when we will be discussing: Meet the money: what are urban living real estate assets worth and where are the opportunities post Covid-19?
Joining me for the session, which is sponsored by CommScope, will be: • Kevin Colket, founder and CEO, GHIG • Vedrana Riley, founder and CEO, Ciel Capital • Luv Shah, partner and CIO, Invel Real Estate
Future topics include: • Wednesday September 30th, 2PM BST: New real estate models and proptech investors SPONSORED BY RMS CLOUD
If you would like to be considered as a contributor for our webinars, please get in touch.
George Sell, editor
For more information and sponsorship/advertising Katie Houghton
Group head of sales: +44 (0)7535 135 116
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