Benson Elliot, the UK-based private equity real estate fund manager, acting on behalf of Benson Elliot Real Estate Partners II (“BEREP II” or the “Fund”), has completed its sixth hotel disposition in 24 months, with the sale of the Deutsch-Japanisches Center (DJC) in Düsseldorf to an institutional fund managed by Art-Invest Real Estate. The DJC sale takes the firm’s hotel exits since 2015 to €400 million.
The mixed-use DJC complex comprises the 386 room Hotel Nikko Düsseldorf, along with 7,500 sqm of integrated office and retail space and 580 underground parking spaces. The asset is situated in the very heart of Düsseldorf, a short walk from the main train station, the renowned Königsallee shopping boulevard and the banking district.
Benson Elliot acquired DJC in joint venture with Event Holding, a European hotel management company. The partners implemented a major capital expenditure programme, delivering 85 executive hotel rooms through an office to hotel conversion, as well as 650 sqm of additional conference and banqueting space.
Joseph DeLeo, Benson Elliot Senior Partner, said:
“This has been a successful disposal for Benson Elliot, in a sector where we’ve consistently delivered strong returns for investors. Having completed a significant makeover of the hotel, the time was right to pass the keys to an institutional owner. The Düsseldorf market continues to trade well, so we’re confident the Nikko Hotel will deliver value for its new owners as it has for us.”
Clifford Chance, Eastdil Secured and EY acted as advisors to Benson Elliot on the sale.
For further information:
Joseph DeLeo, Senior Partner
+44 (0) 20 7808 8900
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000