INTERNOS announces second closing of its Hotel Real Estate Fund with €210 million of equity
INTERNOS Global Investors, the €2.1 billion owner-managed real estate fund management firm, announces the second closing of the INTERNOS Hotel Real Estate Fund I.
The second closing of INTERNOS Hotel Real Estate Fund follows the first closing with €75 million equity from the four founding investors. In the second closing INTERNOS raised new commitments of €135 million from three new German pension fund investors and additional commitments from the four founding investors, which nearly doubled their initially committed equity of €75 million. INTERNOS has now closed the fund to new investors but expects the fund to reach total equity of circa €225-230 million.
Since its launch in July 2012, the Fund has acquired or committed to acquire seven hotels across Germany, Austria and the Netherlands for circa €200 million. Based on further transactions in process, INTERNOS expects the Fund’s investments to reach €250-300 million within the next 6 months and €400 million of assets under management by late 2014 as INTERNOS deploys the additional equity.
In its first year of operation, the Fund has paid distributions to its investors equivalent to an 8% dividend, thus exceeding the Fund’s targets.
INTERNOS’ hotel fund is structured as a German ‘Spezial-fonds’ operated by INTERNOS’ Kapitalanlagegesellschaft (KAG). The fund manager is Jochen Schäfer-Suren, who is also the Partner that founded and leads INTERNOS’ hotel and leisure division. In regard to the Fund, he works closely with Paul Muno who is INTERNOS Partner of our German office and, like Jochen Schaefer-Suren, a Managing Director of INTERNOS’ KAG in Frankfurt.
Since its formation by Andrew Thornton and Jos Short in 2008, INTERNOS has become a significant pan-European investment manager with offices in London, Frankfurt, Amsterdam, Paris and Luxembourg, 75 employees, over 300 commercial property investments in eight countries, €2.1 billion under management and its earliest funds dating from 2004. INTERNOS has expertise across the real estate asset classes and major markets.
Source : Company