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Aareal Bank arranges € 215 million financing for a European hotel portfolio

Aareal Bank AG has provided a cross-border financing in the amount of € 215 million for the purchase of a European hotel portfolio. The borrower is a joint venture between affiliates of Benson Elliot Capital Management LLP, Walton Street Capital L.L.C. and Algonquin SA.

Wiesbaden, 13 November 2015 – Aareal Bank AG has provided a cross-border financing in the amount of € 215 million for the purchase of a European hotel portfolio. The borrower is a joint venture between affiliates of Benson Elliot Capital Management LLP, Walton Street Capital L.L.C. and Algonquin SA.

Aareal Bank acted as Lender, Arranger and Agent for the five-year facility, and was also retained as hedge counterparty and Security Agent. The portfolio comprises four premium hotels in top locations, with an aggregate of around 1,000 rooms: the Westin Palace in Milan, the Westin Europa & Regina in Venice, the Hotel Pullman Paris Centre - Bercy, as well as Le Méridien Grand Hotel in Nuremberg.

"With this complex transaction, we were able to provide our client with a tailor-made financing for the cross-border hotel portfolio. Aareal Bank thus substantiates its competence as an international provider of property finance, with proven expertise in hotel financings", said Christof Winkelmann, Managing Director Special Property Finance at Aareal Bank.

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