Deka Immobilien has sold the „Novotel Freiburg am Konzerthaus“ from the portfolio of the open-ended real estate fund WestInvest InterSelect. The buyer is IREMIS, an investment manager specialising in hotel properties. The parties have agreed not to disclose the purchase price, which is equal to the most recent book value.
As the current tenant will be vacating the property on 31 December 2026, the sale will avoid the need for substantial investment in renovation.
The transaction reduces the financial risks associated with refurbishment, prevents a rise in the vacancy rate and specifically supports the long-term stability of the fund’s portfolio. The sale is in line with the fund’s strategy to optimise the portfolio in favour of modern core assets and higher ESG standards.
The hotel, which was built in 1994, was held by WestInvest InterSelect for almost 18 years. It comprises 219 rooms and 11,103 sqm of lettable space. The property is located on Konrad-Adenauer-Platz, directly adjacent to the Freiburg Concert Hall and close to the main railway station and the historic city centre.
BNP Paribas Real Estate Hotel Services and Witte Projektmanagement GmbH acted as advisers to the seller.
