APG’s €500 Million Partnership with Aware Super

Proskauer advised APG, while Hogan Lovells and NautaDutilh advised Aware Super on the deal.

APG entered into a €500 million partnership with Aware Super to expand the City ID aparthotel offering to European capital cities.

In 2019 APG acquired a stake in City ID on behalf of its pension fund clients. With Aware Super secured as a capital partner alongside APG, City ID will now embark on a growth phase targeting an aparthotel portfolio with a gross asset value in excess of €500m in the next four years and will operate as a fully integrated asset heavy owner-operator.

City ID is one of the leading aparthotel chains in Amsterdam with currently three operational assets comprising over 250 units. Its most recently opened properties, Boat&Co and Twenty Eight, consistently achieve one of the highest customer ratings in the city. The City ID apartment hotels offer design apartments with a wide range of services.

APG is the largest pension provider in the Netherlands and manages approximately €524 billion (June 2020) in pension assets for the pension funds in these sectors.

Aware Super (previously known as First State Super) is one of Australia’s largest funds. Aware Super merged with VicSuper this year and together they manage more than $125 billion in savings for more than 1 million members located across the country.

Proskauer advised APG with a team led by partners Vikki McKay (Picture) and Matt Rees with support from special antitrust and regulatory counsel Jade-Alexandra Fearns and associate Matt Clift.

Involved fees earner: Matt Clift – Proskauer Rose LLP; Jade-Alexandra Fearns – Proskauer Rose LLP; Vikki McKay – Proskauer Rose LLP; Matt Rees – Proskauer Rose LLP;

Law Firms: Proskauer Rose LLP;

Clients: APG ;