Aware Super, a major Australian pension fund, has topped up its investment in European aparthotel business The July, giving it overall control of the business.
The investor has supported The July since 2020, in partnership with Dutch investor APG. Now, APG has decided it is time to exit, allowing Aware Super to acquire the APG stake.
From Australia to Europe
A top performing pension fund in Australia, Aware Super announced a strategic move to invest more in Europe, in 2023. It opened a London office, and said it would look for opportunities to invest in real estate, infrastructure and private equity, with an emphasis on the energy transition sector, affordable housing, innovation, life sciences, technology and the digital infrastructure sector.
More recently, Aware Super agreed a strategic partnership with UK property investment company Delancey, targeting commercial property investments. In mid 2025, the pair spent GBP500m buying three prime London office buildings.
Now, Aware is reinforcing its interest in hospitality, backing The July in the next phase of its growth. “This transaction represents an important milestone in the history of The July, as with its high-quality offer, unrivalled locations, and strong development pipeline, the business is ideally placed to benefit from the increased demand for aparthotels across Europe,” commented Alex Goad, CEO of The July. “Aware Super has been a supportive partner for five years, and we look forward to collaborating still further as we take The July to the next level.”
Originally launched as CityID, the company started out in Amsterdam, and today has three sites open in the city. In mid 2025, it launched its first property in London, and there are pipeline sites in Dublin and Lisbon, as well as another site in Amsterdam. Units in the company’s properties are design-oriented apartments, with a fully fitted out kitchen, while the blocks typically have a gym, sauna and food and drink outlet.
For Aware Super, the sector’s attractions are clear: “With its uniquely diverse customer base, strong growth, and limited supply, the Aparthotels market represents a high conviction subsector for us,” said senior portfolio manager UK and Europe, Mathieu Elshout. “The July provides an industry leading offer, and the current platform represents a strong base from which to expand the business across Europe.”
Smaller, nimble brands open up the market
The niche has seen strong performance in recent years, with many new brands growing in the aparthotel space, such as Staycity, NUMA Group and Bob W. And it has enjoyed the support of private equity investors, as some of the more traditional fund investors watched from the sidelines. Now, players such as Aware Super are moving in to enjoy the upside.
The international hotel groups have looked to exploit the opportunity too, with new brands. Marriott launched StudioRes, a midscale offering designed for long stay guests. Hilton launched its LivSmart brand, opening its first hotel in Tullahoma, Tennessee in mid 2025.
