ING European Office Fund has acquired a vacant office property in Frankfurt's central business district from Union Investment Real Estate for EUR 28.5 mln. The building at Mainzer Landstrasse provides 5,500 m[sup]2[/sup] of lettable area and is the third asset in the fund's German portfolio.

ING European Office Fund has acquired a vacant office property in Frankfurt's central business district from Union Investment Real Estate for EUR 28.5 mln. The building at Mainzer Landstrasse provides 5,500 m2 of lettable area and is the third asset in the fund's German portfolio.

'Although currently vacant, the property will add considerable value to the fund, given that rental growth is expected to be high and yields in the Frankfurt area are expected to further compress in the coming years,' said Leo Weidenaar, the manager of the fund.