Union Investment has bought six mixed-use properties from Hines in a deal which represents one of the largest German office transactions this year.
Hines said Union Investment has bought the Medicus portfolio located in Düsseldorf and Berlin for a recently launched German speciality fund. The portfolio was sold by a pension scheme as well as a joint venture of several pension schemes and Hines.
Financial details were undisclosed but Hines said the transaction is one of the largest in the German office real estate market this year.
Christoph Reschke, senior managing director of Hines Immobilien, said: “The high level of interest in the run-up to the sale as well as the now successful sale clearly show the attractiveness of the portfolio.
“We are very pleased that we were able to demonstrate our capabilities once again in negotiating one of the largest transactions in the market. We are convinced that with our vertically integrated platform we will continue to identify and develop attractive properties in the future and thus create sustainable value.”
Wolfgang Kessler, managing director of Union Investment Institutional Property, said: “The Medicus portfolio has an outstanding property quality in predominantly top core locations with an attractive mix of new and existing properties, different lease terms with stable cash flow and rental potentials, as well as a stable value going forward.
“The portfolio has enabled us to lay the essential foundation for a prime core strategy for our institutional investors.”
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