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Commerz Real-Fund in buying mood

Only last week, the HausInvest of Commerz Real has made an acquisition in Mühlheim . Now the open-ended real estate fund makes another investment in Hawaii and buys the Pacific Beach Hotel in Honolulu. According to market sources, the purchase price was around $ 520 million (US dollars), which equals about € 476 million. Located steps from Waikiki Beach, the 68,000-square-meter building complex of buildings is currently in the final stages of a $115 million (US dollars) redevelopment that is scheduled to be completed in autumn 2017. The property will then be repositioned on the market as ‘Alohilani Resort Waikiki Beach’. In the framework of a two-stage share deal Commerz Real is initially acquiring a majority[…]
Photos: Highgate Hotels