• Invesco announces first close of second fund

Invesco Real Estate has achieved a first close of its second pan-European hotel fund with Eu85m of equity from four institutional investors.

The group said that, "with conservative debt", this provided c. Eu170m of initial capital, with further closings planned over the next 12 months. Andy Rofe, MD, said: "The sector is one which is of strategic importance to us as a business and which we believe should be represented in investors’ portfolios. We believe that timing is now optimal for hotel investment activity as asset pricing remains low whilst hotel trading has shown strong signs of improvement across Europe."

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