Deal concludes the disposal of the entire portfolio of the core-plus Principal fund. : AXA Investment Managers – Real Assets has acquired a €545m portfolio of 11 hotels in Europe from a Principal Real Estate Europe’s first hotel real estate fund. Principal Hotel Immobilien Spezial Fonds has agreed to sell its remaining portfolio of city centre hotel portfolio of over 2,300 rooms. Principal said the latest transaction will conclude the disposal of the entire portfolio of the core-plus fund which first closed in 2012, acquired 16 hotels until 2016.