MONTREAL – The real estate subsidiary of the Quebec pension fund (Caisse de depot et placement du Quebec) has sold 18 hotels in Europe to an investment fund affiliated with Apollo Global Management.
Terms of the deal between real estate company Ivanhoe Cambridge and Apollo European Principal Finance Fund II were not disclosed.
The hotels include 11 in Germany, two in Spain, two in the Netherlands and one each in Austria, Belgium and France. They operate under the Crowne Plaza banners, Holiday Inn and Holiday Inn Express IHG .
“This transaction is in line with our strategy of rationalizing our overall hotel exposure and reinvesting our capital in our core asset classes and in key markets globally,” said Ivanhoe Cambridge vice-president Sylvain Fortier.
“This sale brings to a conclusion a long-term investment for Ivanhoe Cambridge, and we are very pleased with the transaction process.”
Ivanhoe Cambridge has $40 billion in assets primarily in Canada, the United States , Europe , Brazil and Asia. The portfolio consists primarily of shopping centers, office buildings and multi-residential properties.
Apollo manages assets worth $161 billion worldwide and has offices in Toronto, New York and elsewhere.