04. Juli 2012 
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Internos announces 1st closing of Internos’ Hotel Real Estate Fund
Internos announces the first closing of the Internos Hotel Real Estate Fund with initial equity of €75 million from four German institutional investors.
The fund manager has also exchanged contracts for the purchase of its 4 hotels strong seed portfolio with a total investment of over €100 million with related debt provided by Bayern LB. The hotels are 3-4* hotels with a long, stable trading record, located in major cities in Germany and the Netherlands and operated by three different major hotel groups under long leases. The locations in the core euro zone, high stable income, diversification and conservative debt of 40% contribute to the low risk profile and reflect Internos’ strategy for institutional, core investors in today’s risk averse market. The portfolio’s pricing and low interest rates lead to forecast dividend yields and IRRs of 7.5+% net and 11+% respectively.
The Fund is structured as a German ‘Spezial Fonds’ operated by Internos’ Kapital Anlage Gesellschaft (KAG). Internos expects to raise additional equity for the fund to reach AUM of up to €300 million in order to acquire several hotels which are under detailed negotiations. The Fund will be managed by Jochen Schaefer-Suren, the Partner in charge of Internos’ Hotel & Leisure division as well as Paul Muno and the remaining Internos KAG team in Germany.
The fund manager has also exchanged contracts for the purchase of its 4 hotels strong seed portfolio with a total investment of over €100 million with related debt provided by Bayern LB. The hotels are 3-4* hotels with a long, stable trading record, located in major cities in Germany and the Netherlands and operated by three different major hotel groups under long leases. The locations in the core euro zone, high stable income, diversification and conservative debt of 40% contribute to the low risk profile and reflect Internos’ strategy for institutional, core investors in today’s risk averse market. The portfolio’s pricing and low interest rates lead to forecast dividend yields and IRRs of 7.5+% net and 11+% respectively.
The Fund is structured as a German ‘Spezial Fonds’ operated by Internos’ Kapital Anlage Gesellschaft (KAG). Internos expects to raise additional equity for the fund to reach AUM of up to €300 million in order to acquire several hotels which are under detailed negotiations. The Fund will be managed by Jochen Schaefer-Suren, the Partner in charge of Internos’ Hotel & Leisure division as well as Paul Muno and the remaining Internos KAG team in Germany.
