Union Investment to buy andel's Hotel

Union Investment Real Estate GmbH has acquired four-star andel's Berlin Hotel from Vienna International, a subsidiary of WSE-listed Warimpex Finanz- und Beteiligungs AG. The purchase price is some €105 million, a press release read. The transaction is subject to the customary closing conditions for a property transaction of this type. Completion is scheduled for the third quarter of 2015. andel's is one of four conference hotels in Berlin. The conference facilities are spread over 3,800 sqm of space, consisting of a ballroom, 21 combinable conference rooms and 15 meeting suites with flexible design options. Union Investment’s hotel portfolio encompasses 25 brands and currently comprises 40 properties with an total assets valued at €2.3 billion. The buyer has recently acquired Riviera shopping center in Gdynia.