AXA to Acquire Fonciere des Murs Portfolio

24th July 2011 (Last Updated July 24th, 2011 18:30)

AXA Real Estate Investment has signed an agreement to acquire a portfolio of six hotels from French firm Fonciere des Murs for €132.9m. Four hotels are in Paris, one in Brussels and one in Ghent. The properties offer 1,569 rooms and each hotel has recently undergone an extensive

AXA Real Estate Investment has signed an agreement to acquire a portfolio of six hotels from French firm Fonciere des Murs for €132.9m.

Four hotels are in Paris, one in Brussels and one in Ghent. The properties offer 1,569 rooms and each hotel has recently undergone an extensive refurbishment programme.

The hotels are operated by hotel group Accor and the transaction is expected to complete by the end of this year.

Following the acquisition, AXA manages a portfolio of 99 hotels across Europe, with a value close to €2bn.

The transaction also expands AXA’s existing relationship with Accor, which operates 70 hotels within AXA Real Estate’s managed portfolio.