Key Takeaways
- Aware Super acquired APG Asset Management.
- Sector: Real Estate.
- Geography: United Kingdom.
Analysis
Aware Super, one of Australia’s largest superannuation funds, has become the majority shareholder in The July, a fast-growing apartment-hotel owner and operator. The acquisition follows the purchase of APG’s stake in the business, adding to Aware Super’s existing holding acquired in July 2020.
The investment reflects Aware Super’s bold ambition to deploy £5.25 billion across the UK and continental Europe over five years, following the opening of its London office in late 2023. The strategy targets real estate, infrastructure, and private equity opportunities.
The acquisition strengthens the fund’s push into European hospitality real estate, particularly in high-growth urban markets experiencing structural shifts in travel behavior and accommodation demand. It also aligns with Aware Super’s focus on sustainable investing and on capitalizing on global macro dislocations.
The July currently operates three design-led, sustainable aparthotels in Amsterdam, and recently launched its first UK site near London’s Victoria Station. Additional properties are under development in Amsterdam, Dublin, and Lisbon, scheduled to open by late 2026 and 2027.
These properties combine the full hotel experience with apartment-style amenities, such as fully equipped kitchens, state-of-the-art gyms, saunas, and on-site food and beverage outlets. They are designed to appeal to a broad mix of business travelers, leisure guests, and long-stay residents.
A key differentiator is The July’s local-first approach, which includes opening its lobbies for coworking and offering a unique 'neighbourhood key' loyalty scheme for local residents—providing access to exclusive discounts and events. This hybrid approach enhances brand loyalty and taps into emerging trends in community-centric hospitality.
According to Aware Super’s Senior Portfolio Manager for UK and Europe, Mathieu Elshout, “The aparthotels market represents a high-conviction investment theme. The July’s diverse customer base, high-quality assets, and growth potential make it an ideal platform for our European hospitality strategy.”
Alex Goad, Co-Founder and CEO of The July, said: “This transaction marks a major milestone. Aware Super has been a trusted partner since 2020, and with their support, we are well-positioned to scale our platform across key gateway cities.”
Robert-Jan Foortse, Head of European Real Estate at APG, added: “We identified aparthotels early as a growth segment. While we are exiting, we’re proud of the financial performance and sustainability advances achieved during our ownership.”
The aparthotel sector has grown rapidly in recent years, driven by post-pandemic shifts in travel, increased demand for longer stays, limited new hotel supply, and a consumer preference for experience-based travel. The July is poised to benefit from these dynamics as it executes its development pipeline and explores new site acquisitions across Europe.