APG and Aware Super Embark on a European Hotel JV Bet
Posted on 09/16/2020
APG Asset Management NV and Aware Super, an Australian superannuation fund, joined forces with aparthotel chain City ID to invest over half a billion euros in European assets. APG acquired a stake in City ID in 2019. APG is now co-investing with Aware Super for an equal stake in City ID in a venture that will allow City ID to create an aparthotel portfolio with a gross asset value in excess of €500 million in the next four years, the companies said in a joint statement.
APG has rushed to invest in the European hotel sector, partnering with companies such as citizenM, a value-add hotel fund managed by Azora, and The Portfolio Club (JV with London Central Portfolio.)
First State Super and StatePlus revealed their new brand name Aware Super in September 2020.
Keywords: Stichting Pensioenfonds ABP.