German investor Union Investment has announced the acquisition of Uferstadt Fürth, a 54,000 m2 campus property in Germany on behalf of a new special fund.
The vendor is Pegnitz Park Holding, a subsidiary of Investa Holding.
The acquisition, whose amount was not disclosed, represents the first investment for the Urban Campus Nr. 1 fund for institutional investors, which was launched in July by a joint venture of Union Investment and Investa Capital Management (ICM).
The vehicle exclusively invests in assets with a value between €30 and €100 mln.
The complex comprises seven different buildings that occupy part of the former headquarters site of Grundig. Located on the banks of the river Pegnitz, the buildings are fully let to a total of 38 tenants, with the largest occupiers including outsourcing service provider Sellbytel Group, IT provider Atos Information Technology and software and hardware developer Lauer Fischer.
The property will continue to be managed by Investa Asset Management (IAM).
'Uferstadt Fürth meets the diverse requirements of the kind of modern work environment we have defined as the focus of our special fund together with our partner Investa. It marks a promising start to our relationship,' said Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
