APG sells its 47.7% stake in aparthotel owner and operator The July to Aware Super, one of Australia’s largest super funds. Together with its existing stake which it acquired in July 2020, Aware Super now owns over 99% of the business.
The July currently operates three sustainable, high-quality apartment-hotels in Amsterdam, each of which offers a full hotel experience with fully equipped kitchens and a state-of-the-art gym, as well as a reception, and food and drink options.
The business recently opened its first site in London near Victoria station and is in the process of developing three additional locations in Amsterdam, Dublin, and Lisbon.
Robert-Jan Foortse, Head of European Real Estate at APG said: “APG was early to identify European aparthotels as an attractive segment within the hospitality industry. The product is still very much under-represented in Europe, and therefore offers substantial growth opportunities. Over our holding period we have been very pleased with the financial performance of The July and the progress we have made with the APG sustainability agenda. Yet, when managing our total portfolio, decisions have to be made and our exit from The July is one of them. We wish the company and Aware Super all the success on the next leg of the brand journey as The July looks to expand across major cities in Europe.”