AI Terminal
PATRIZIA AG
Environmental & Social Information • Jan 15, 2016
322_rns_2016-01-15_4a71d35b-0cd2-4580-a076-ddd7624088f6.html
Environmental & Social Information
Open in ViewerOpens in native device viewer
News Details
Corporate | 15 January 2016 07:00
PATRIZIA Immobilien AG: PATRIZIA sells Melia Hotel building in Manchester for £30m
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Disposal
2016-01-15 / 07:00
The issuer is solely responsible for the content of this announcement.
Disposal in the United Kingdom
PATRIZIA sells Melia Hotel building in Manchester for £30m
– Property belongs to the First Street Site
– Buyer is a British group of companies
Augsburg/Manchester, 15 January 2015. PATRIZIA Immobilien AG has sold its Melia Hotel building in Manchester for approximately £30m to a privately owned UK group. The sale of the 208-room four-star hotel has been agreed at a yield of 4.85% on 25-year lease to Melia.
PATRIZIA purchased the hotel as part of its acquisition of the First Street site in Manchester in May 2015, a 20-acre development which includes office, residential, retail and leisure components. As progress continues elsewhere at First Street, the sale of the hotel crystallises the asset management activity which has taken place at the building and allows PATRIZIA to reinvest capital in other development management initiatives.
Operating as INNSIDE Manchester, a new brand by Melia, the hotel includes spacious rooms, a Mediterranean street food restaurant and a wellness centre including Finnish sauna. Located in the heart of the vibrant First Street development, the hotel is popular with both business travellers and leisure customers and allows access to the local cultural, shopping and business areas of Manchester.
Rob Brook, Head of Portfolio Management PATRIZIA UK & Ireland, commented:
“First Street continues to thrive and the sale of this quality hotel in the heart of the scheme is a testament to its success. Investor interest is high as this once under-utilised area of Manchester is blossoming into hub for entertainment, working and living. With our asset management activities complete at the hotel, this is the first sale we have undertaken at First Street and now means we can recycle our balance sheet in new development management initiatives being pursued by PATRIZIA.”
About PATRIZIA Immobilien AG:
With 800 employees in more than ten countries, PATRIZIA Immobilien AG has been active on the real-estate market as an investor and service provider for more than 30 years. PATRIZIA’s range includes the purchase, management, value increase and sale of residential and commercial real estate over own licensed investment platforms. As a recognised business partner of large institutional investors and retail investors, the Company operates in all major European countries and covers the entire value. At present, the Company manages real estate assets worth EUR 16 billion, primarily as a co-investor and portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit www.patrizia.ag .
Contact:
Investor Relations
Verena Schopp de Alvarenga
T +49 821 50910-351
2016-01-15 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart |
| End of News | DGAP News Service |