European real estate portfolio and asset manager AXA Real Estate has completed the acquisition of the IBIS London City Hotel on behalf of the Co-operative Insurance Society from Mangrove Securities for £38.35m.

The 348-room IBIS London City Hotel is arranged over ten floors, with a 150-seat restaurant and bar.

The hotel is operated by Accor, which already operates 70 of the hotels within AXA Real Estate’s managed portfolio.

AXA Real Estate head of hotel investment Gael Le Lay said the acquisition will take the company’s portfolio of European hotels close to 100.