15.01.2016
PATRIZIA Immobilien AG DE000PAT1AG3
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA sells Melia Hotel building in Manchester for £30m
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Disposal
PATRIZIA Immobilien AG: PATRIZIA sells Melia Hotel building in Manchester
for £30m
15.01.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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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
[email protected]
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15.01.2016 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
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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
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429539 15.01.2016
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