One of the UK’s biggest hotel property investors, Realstar Group, is launching a €1.2bn (£950m) opportunity fund to take advantage of the downturn in the UK and European markets.
Realstar, a Canadian property company with €4bn (£3.2bn) in assets under management, said it would raise €300m (£238m) for its Realstar European Capital I fund to target the hospitality, leisure and residential sectors.
The fund will also consider other alternative property sectors such as student accommodation, retirement communities and self-storage.
Realstar is best known in the UK for its £1bn acquisition of 73 Holiday Inn and Crowne Plaza hotels from IHG in 2005.
Chief executive Ryan Prince said: “Having remained patient over the past three years in what we felt was a relatively over-heated market, we now anticipate the next three years will offer more attractive risk-adjusted returns.”
