Paris, March 13th 2020 – Atream, an asset management company specialized in real estate investment and long-term capital investment in the tourism industry, has signed the €11.8 million acquisition of the hotel building and recreational infrastructure of Center Parcs Nordseeküste in Germany, for the REIT (SCPI) Atream Hotels.
Located on the German coast in the seaside resort town of Tossens, Center Parcs Nordseeküste is a “3 birdies” holiday village run by Pierre & Vacances Center Parcs, the European leader in tourism resorts, which has signed a 15-year lease on the property.
Not far from the Wadden Sea, a UNESCO World Heritage site, Center Parcs Nordseeküste features 248 cottages, 97 apartments renovated in 2017 and a 78-room hotel renovated in 2018. The remaining real estate on site includes shops, three restaurants, and leisure activities (bowling, mini-golf, tennis courts, etc.), as well as the Acqua Mundo water park, which includes several pools and slides spread out over several levels.
This new acquisition—the fourth in Germany—confirms the accelerated growth of the REIT (SCPI) Atream Hotels in line with Atream’s broader investment strategy of acquiring European Center Parcs holiday villages that are under long-term lease to respected operators.
For Pascal Savary, Chariman of Atream: “With this new acquisition, the REIT (SCPI) Atream Hotels is building up its European tourism real estate assets, in line with its strategy. We are delighted to consolidate our partnership with European holiday village and tourism resort leader Pierre & Vacances Center through this transaction. Atream now owns four establishments in Germany. Its investments help boost the appeal of tourism in the country, which recorded 84 million nights spent in 2018.”