Union Investment has invested an undisclosed amount to buy the Haus am Aegi office building in Hanover, Germany from Quantum Immobilien.

The manager said the asset has been acquired on behalf of the UniInstitutional German Real Estate fund.

Built in 2015 by Quantum, Haus am Aegi comprises three sections of different heights: one with five storeys, one with six storeys and one with ten storeys. The building 11,545sqm asset is currently fully let.

Wolfgang Kessler, a member of the management board of Union Investment Institutional Property, said: “Hanover, the capital of Lower Saxony, is regarded as one of Germany’s most dynamic secondary cities. It has seen robust and continuous rent growth in recent years, particularly in city-centre locations.”

Union Investment’s UniInstitutional German Real Estate fund invests in commercial properties in major and medium-sized German cities with a focus on properties worth between €15m and €50m. It currently holds properties with a total value of around €838m.

To read the digital edition of the latest IPE Real Assets magazine click here.

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