Fonciere des Murs buys 165 B&B hotels for 529 mln eur

PARIS Tue Nov 13, 2012 5:12am EST

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PARIS Nov 13 (Reuters) - French real estate investment trust Fonciere des Murs said on Wednesday that it has acquired 165 B&B-owned hotels in France for 508 million euros ($646 million) in partnership with Credit Agricole Assurances and Assurances du Credit Mutuel.

Including transfer duty, the total amount of the deal, which will be carried out through a property investment fund, will be 529 million Euros, a spokesman told Reuters.

B&B, an operator of budget hotels in Europe, will continue to run and manage the hotels, the company said in a statement. ($1 = 0.7867 euros) (Reporting by Aleksandre Boksenbaum Granier; Writing by Elena Berton; Editing by Hans-Juergen Peters)

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