The Danish pension fund ATP and a Dutch institutional investor have acquired the Hotel Holiday Inn Munich City Center in a joint venture for €187.5m.

Global investment manager Invesco Real Estate will serve as the asset manager of the hotel.

The transaction is primarily shared between ATP and the Dutch institutional investor, which is represented by CBRE GIP.

The 582-room Hotel Holiday Inn Munich City Center is backed by a long-term rental agreement and is operated and leased by Event Hotel Group in Germany.

Located in the Haidhausen district and close to the city centre of Munich and the S-bahn, the four-star hotel offers conference facilities with a capacity to host up to 600 people.

Other amenities include a restaurant as well as underground parking facilities.

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Originally built in 1973, the hotel was fully refurbished in 2004-2006. In the next three years, the rooms are planned to be renovated.

ATP Real Estate CEO Michael Nielsen said: “We see the Munich hotel investment as a great opportunity to leave another footprint in the German real estate market.

“The asset’s prime location will ensure a stable return on a long-term basis benefitting our members.”

ATP Real Estate is a subsidiary of ATP and invests in directly as well as indirectly held real estate as-sets on behalf of ATP.