German fund buys the Sebel Canberra

George Sell George Sell Uploaded 23 January 2020

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Australia: The Sebel Canberra Hotel has been bought in an off-market deal worth AUS$48 million, six months after it opened.

The Sebel, opened in June 2019 and developed by Zapari Group, features 144 serviced apartments over 11 floors. The property, which is located in Civic Square near the Canberra Theatre and Canberra Museum, also features a ground-floor restaurant, bar and teahouse. It will continue to be run as a Sebel hotel.

It has been acquired by German fund manager DWS – a former subsidiary of Deutsche Bank – and Sydney-based Pro-Invest, in a deal brokered by Mark Durran, managing director at JLL Hotels & Hospitality Group.

The deal is understood to be the first Australian hotel purchase for DWS and the first Canberra hotel purchase for Pro-Invest.

Pro-Invest is a combined hotel developer, fund manager and hotel operator that has raised more than $800 million in equity in the past five years to fund the roll out of new Holiday Inn Express and EVEN-branded properties across the country.

Zapari Group will retain a presence at the property under the deal, leasing level 10 as its new head office.

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