(Boursier.com) — Union Investment has acquired 25hours Hotel Copenhagen Paper Island. This building is part of the flagship Paper Island project, an artificial island ideally located in the city center, in the port area of Copenhagen. This project is based on the creation of a mixed-use district, which will include the acquired hotel, 253 apartments, quality shops, restaurants and entertainment venues, as well as the new Water Culture House.
This acquisition adds to the holdings of the open-ended institutional real estate fund UniInstitutional European Real Estate. The seller is the development consortium Christiansholms Ø P/S, a joint venture between Danica Pension and the famous Danish developers Nordkranen and UNIONKUL.
“Copenhagen is one of the best hotel markets in Europe, with high entry fees. We are therefore delighted to enter the Danish hotel market with the acquisition of this flagship project. It will appeal to travelers from business than tourists with its exceptional location in a newly developed downtown area close to many tourist sites. Paper Island will provide visitors with a high-quality experience and is expected to attract up to 1.9 million visitors annually. “, said Andreas Löcher, head of Investment Management Hospitality at Union Investment.
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