Union Investment has taken full control of the Watermark Place building following the acquisition of the remaining 50% stake in the London office property from Oxford Properties Group.
In May 2015, Union Investment bought a 50% stake in the 50,400sqm property at One Angel Lane by forming a joint venture with the real estate arm of the Ontario Municipal Employees Retirement Scheme.
Union Investment said the purchase of the remaining 50% stake is being made for the open-ended real estate fund, UniImmo: Europa, which now has the entire Watermark Place property in its portfolio.
Financial details were undisclosed.
Martin J Brühl, CIO and member of the management board of Union Investment Real Estate, said: “In 2015 the joint venture offered us the opportunity to become co-owner of this outstanding Grade A property and we look forward to further successful cooperation with Oxford Properties in the future.
“At the same time, we are happy to take the opportunity for our investors to include the entire property at this top location in our portfolio. After a phase of increased Brexit uncertainties, the transaction is also the start to further expand our portfolio in London.”