Bayerische Versorgungskammer is to forward-purchase the Hampton by Hilton Kiel from Revitalis Real Estate and Cologne-based Dereco.
The 208-room hotel will be managed by GS Star when it is completed by the end of this year.
Simon Behr, director, fund management & transaction, GBI, said: “The location opposite the Sparkassen-Arena as one of the largest event halls in Germany is excellent. The Hilton brand also attracts international guests to the Stadt.
“The Kiel Hampton by Hilton is therefore an ideal addition to the real estate special fund.”
Andreas Lipp, CEO, Revilatis Real Estate, said: “Revilatis has a long history of expertise in the hotel asset class. We offer our attractive hotel locations for investors, well-known hotel brands and hotel operators. The successful transaction with GBI AG and BVK, one of the most important institutional investors in Germany, confirms that, with the Kieler Hampton by Hilton, we have developed a suitable and market-oriented hotel.”
BVK said that its investment strategy was to target classic hotels and long-stay offerings.
Felix Becker, investment manager, BVK, said: “The long-running operator contracts as well as attractive returns make hotel real estate very attractive to our investors. By working with GBI as an experienced partner and the objects already acquired, we are confident that the fund contributes to a profitable addition to our overall portfolio.”
BVK manages a total of around €77bn.