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Press Releases 2016

INTERNOS announces the sale of the Maritim Hotel, Dresden for €58.4 Mio. to Frasers Hospitality Trust

NEWS, 2016, ASSET SALE

INTERNOS Hotel Real Estate Fund (“Hotel Fund”). announces the sale of the Maritim Hotel Dresden for €58.4 Mio. to Frasers Hospitality Trust, a global hotel and serviced residence trust listed on the Singapore Exchange.

The property is an existing 4* hotel with 328 rooms operated under a long term lease by the Maritim Group and acquired on behalf of the Hotel Fund for €49 Mio.in 2014. The sale benefits from the current favourable market conditions and follows the successful implementation of a lease restructuring and extension in line with Internos’ strategy to create value in our funds under management.

With this sale, Internos will complete a successful disposal process that allowed to exceed IRR target returns of 11%. The Hotel Fund therefore has not only distributed dividends of over 8% p.a. every year since its 1st Closing in 2012 but also has achieved above target total returns. The proceeds of the disposal shall be redeployed in new hotel real estate investments in the Eurozone in line with the Fund’s strategy. Due to its predominantly fixed rents, long leases and fixed low interest rate financing we believe that the Fund with AUM of ca. € 440 Mio. will continue generating high income returns for the next few years.

ochen Schäfer-Surén, partner in charge of managing the INTERNOS’ Hotel and Leisure division and the Fund, commented: “We are pleased with our disposal process that highlights how the Fund’s prudent strategy to date has achieved in excess of target dividend distributions and IRRs and now allows redeployment of this capital.”

Today, Internos’ Hotel and Leisure division actively pursues new investment opportunities according to different investment strategies for our remaining capital of ca. €200 Million available for hotel real estate. We therefore continue to explore further hotel acquisitions along the risk spectrum, which highlights how institutional investors explore new avenues for alternative investments in the current very low interest rate context allowing us to cover the entire hotel real estate investment range across Europe as long as the risk return profile remains attractive.

Company contact for further information:

INTERNOS Global Investors
T: + 44 207 355 8888

Jochen Schaefer-Suren
Partner
Head of Hotel & Leisure
INTERNOS
London
Jochen.Schaefer-Suren@internosglobal.com

Paul Muno
Partner
Head of Germany
INTERNOS Frankfurt
Germany
Paul.Muno@internosglobal.com

Press contact for further information:

Jochen Goetzelmann Jg@targacommunications.com

Targa Communications T +49 160 896 14 82

Notes to Editors:
Since its formation byAndrew Thornton and Jos Short in 2008, INTERNOS has become a significant pan-European investment manager with offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, and now Madrid with approximately 100 employees, over 1,000 commercial property investments in 11 countries, 3.5 billion under management and its earliest funds dating from 2003. INTERNOS has expertise across the real estate asset classes and major European markets.

About Internos Hotel Real Estate Fund I
The Fund is structured as a German ‘Spezialfonds’ operated by INTERNOS’ Kapital Verwaltungs Gesellschaft (KVG). The Fund is managed by Jochen Schäfer-Suren, Partner of INTERNOS and Head of INTERNOS’ Hotel & Leisure division, who is also one of the two Managing Directors of Internos KVG together with Paul Muno, Internos Partner and Head of Germany, and fellow Managing Director of the INTERNOS KVG.

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