German pension fund Bayerische Versorgungskammer (BVK) has invested in a German office project through Universal Investment.
Union Investment said it has bought the project in Munich’s Werksviertel district via a forward funding deal from Pandion for an undisclosed amount.
Union Investment said asset is being acquired for the UII MSI fund which it manages on behalf of BVK and the UII German Prime Select fund.
The fully-let Pandion Officehome building is expected to be completed by summer 2024. The asset has 44,700sqm of office space and 3,180sqm of underground storage space.
”Munich is Germany’s most stable office market and the Werksviertel is currently one of the city’s most sought-after submarkets.
“There is limited space available and office vacancies in this submarket are running at just 0.5%. Many development projects have a correspondingly high pre-letting rate,” said Alejandro Obermeyer, the head of DACH investment management at Union Investment.
“With the project in the Werksviertel, we are selling the largest office development in the history of our company to date,” Pandion CEO CEO Reinhold Knodel said.
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