LEADING CITIES INVEST sells Hotel Adagio in Brussels

  • Unit value improves by EUR 0.49

LEADING CITIES INVEST successfully completed another property sale at the beginning of 2020. For this reason, the unit value temporarily increases by another EUR 0.49 to EUR 106.94, valid as of 16 January 2020. At the end of 2019, the KanAm Grund Group's open-ended real estate fund had a good performance of 3.4 percent p.a. and its real estate assets increased by almost 114 percent to EUR 600 million. The property sold is the apart-hotel ADAGIO ACCESS with its 110 rooms in Brussels, which is rented to ADAGIO, part of the well-known ACCOR hotel group, until 2027. LEADING CITIES INVEST bought the apart-hotel at the end of 2014. The parties have agreed not to disclose the sales price.

In the course of 2019, the fund management also sold in Frankfurt a medical center and in Munich the German ACCOR headquarters and so completed a total of 14 transactions. Overall, the property portfolio grew to 30 individual properties at 22 locations in 9 countries at the turn of the year. Regionally, the open-ended real estate fund is now present across Europe in selected cities with a future, from Helsinki in Finland to Barcelona in Spain, from Dublin in Ireland to Warsaw in Poland. The real estate portfolio of LEADING CITIES INVEST is very broadly diversified across the usage types office, industry/logistics, retail/gastronomy, hotel and leisure and 97.8 percent let, which corresponds to a full rental. Together with the high transaction dynamics, the high occupancy rate provides a clear indication of the fund's profitability. 



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