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Europe: Aareal Bank AG has arranged a €405.57 million financing for a portfolio of 13 properties owned by Pandox.
The portfolio comprises 3,458 rooms across eight European cities: Amsterdam, Vienna, Brussels, Munich, Hamburg, Frankfurt, Cologne, and Salzburg.
Some of the hotels include Indigo Brussels City, Numa Brussels Royal Galleries, Park Centraal Amsterdam, NH Collection Hamburg City, Radisson Blu Cologne, among others.
The loan is partially “green” as multiple assets are certified BREEAM Very Good or Excellent.
“This financing highlights our long-standing commitment to Europe’s prime hospitality markets and to partnering with owners who actively create long-term value,” said Michelle Weiss, head of hotel properties at Aareal Bank. “Pandox’s disciplined asset management approach and strong operating platform form a very robust foundation for sustainable portfolio growth.”
Joakim Andersson, SVP treasury at Pandox AB, added: “We value our continued partnership with Aareal Bank, whose deep understanding of the European hotel sector and long-term approach make them a trusted financing partner. This financing supports our strategy of active asset management and portfolio optimisation by enhancing the quality and sustainability of our portfolio.”
Aareal Bank acted as arranger, facility agent, and security agent. Legal advice was provided by DLA, and CBRE acted as valuation advisor for the transaction.
Highlights:
- Aareal Bank AG arranged €405.57 million financing for a 13-property European hotel portfolio owned by Pandox AB.
- The financed portfolio includes 3,458 hotel rooms across Amsterdam, Vienna, Brussels, Munich, Hamburg, Frankfurt, Cologne and Salzburg.
- Hotel assets within the Pandox AB portfolio include Hotel Indigo Brussels City, Park Centraal Amsterdam and Radisson Blu Cologne.
- The financing package arranged by Aareal Bank AG was partially classified as green because several hotel properties hold BREEAM Very Good or Excellent certifications.
- CBRE acted as valuation advisor on the transaction, while DLA Piper provided legal counsel for the hotel portfolio financing.
