Union Investment has acquired a 60-metre office tower in western Germany from the Oman Investment Authority and Die Developer Projektentwicklung.
Union Investment has paid an undisclosed sum to buy the Eclipse office tower on Kennedydamm in Düsseldorf on behalf of its open-ended Unilmmo Deutschland real estate fund.
The Eclipse tower, situated at Georg-Glock-Straße 22, is scheduled for the end of October this year. The building has 16 floors offering 27,500 sqm of rental space.
Alejandro Obermeyer, the head of DACH investment management at Union Investment, said: “The Eclipse is a landmark building that will be competitive in the longer term. It offers modern, flexible office space and a high level of sustainability.
“Given that the supply of high-quality office space remains limited in Düsseldorf’s premium locations, we expect prime rents to continue to rise.”
Stefan Mühling, a managing director at Die Developer Projektentwicklung, said: “We are pleased that with Union Investment we were able to win an experienced investor for the outstanding Eclipse project, who recognised the high quality of the project development and also has the know-how as well as the substance to operate the property in a sustainable and value-enhancing manner.”
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