Union Investment has acquired the Bülow Carré mixed-use development from Stuttgart-based company Bülow for its open-ended real estate fund Unilmmo: Deutschland.
Union Investment has acquired the Bülow Carré mixed-use development from Stuttgart-based company Bülow for its open-ended real estate fund Unilmmo: Deutschland.
Financial details were not disclosed.
'This investment marks a compelling return to the economically strong Stuttgart area for the fund,' said Frank Billand, a member of the management team at Union Investment Real Estate.
Union Investment said it is interested in finding other investment opportunities for its open-ended real estate fund in the region, focusing on the office and hotel sector.
Bülow Carré is located in Stuttgart's premium office location, parallel to the main Königstraße pedestrian zone. The development features a mix of office and retail uses and is prelet to companies such as Gleiss Lutz, UBS, USM Haller, Ikarus and Cyberport. The property is scheduled for completion by mid-2013.
Bülow Carré has been pre-certified with a Platinum rating under the LEED sustainability standard.
