Beos acquires two German business parks from Union Investment

Beos, a Berlin-based property developer and investor, has acquired two business parks in Germany from Union Investment Real Estate.

The parties agreed not to disclose the financial details.

Beos bought the properties for an institutional spezialfonds. Hamburg-based Union Investment said the assets were sold on behalf of its open-ended property fund UniImmo: Deutschland, which had originally acquired them in 1989 and 1994.

Frank Billand, a member of Union Investment Real Estate's management team, said the transaction was part of the fund’s strategy to sell older and smaller properties. 'Business parks no longer meet our investment criteria so we intend to dispose of all our holdings in this category over the medium term. In doing so, we currently benefit from a very favourable market environment,' Billand said.

One of the properties sold was the business park at Hanauer Landstraße 296-328 in Frankfurt/Main. The principal tenant is Interxion, which operates eight data centres at the location. Since 1999, the property has also been home to DE-CIX, one of the three largest internet traffic hubs in Europe, which also has the highest data throughput worldwide. The business park comprises nine buildings with a total lettable area of 43,140 m2.

The other disposal was the business park at Siemensstraße 18-32 in Langen. The property is almost fully let and provides a total area of 8,690 m2. The principal tenant is NMB Minebea, the German subsidiary of the Japanese Minebea Group.