Intermediate Capital Group’s real estate arm ICG Real Estate and Pro-invest Group, an investor in hotels and commercial property assets, have formed a joint venture to invest up to £500m in UK hotel assets.
The joint venture will acquire high-quality hotel assets in London and other core-UK markets.
”We are excited about the opportunity developing in the UK hotel sector. This joint venture combines the strengths of ICG and Pro-invest in hotel investing and asset management, positioning us well to invest into the ongoing changes in the current economic and business cycle which we believe will drive a period of dislocation and repricing,” said Krysto Nikolic, Global Head of ICG Real Estate.
”The JV will create a diversified, institutional-quality portfolio that will meet evolving consumer demand and ESG requirements,” he added.
”The UK is one of Pro-invest’s high conviction European markets; one where the combination of our vertically integrated business model and significant in-house expertise and experience, allows us to create significant value for hotel investors. We are excited about the opportunity for synergies created by our partnership with ICG, not only in purchasing and managing assets but also future proofing them for sustainability requirements,’ said Sabine Schaffer, CEO of Pro-invest Europe.