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Von der Heyden Group: Real estate hedging hotel operations


The Von der Heyden Group (VDH), is involved in real estate development, real estate leasing, hotel management, and hospitality. VDH has operations in Germany, Poland, Ukraine, Spain, Portugal, Italy, Montenegro, and Malta. In 2017, the Group through its financing vehicle, Von der Heyden Group Finance plc (the “Issuer”), tapped the local main market and issued a €25m 4.4 per cent unsecured bond 2024.
Recent developments 
In December 2019, the Group’s associate Bogenhausener Tor Immobilien S.à r.l, sold its second and last asset, the Blue Tower forming part of the Bavaria Towers office and hotel development in the city of Munich, Germany. The asset was sold to the leading asset manager on the German market, Real IS consortium. The property was sold at a record yield of less than three per cent (i.e. the discount rate to derive the net present value), registering the highest rate of return on equity for the Group so far in its A-Class real estate portfolio.  ....

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