Union acquires logistics property in Hamburg

Union Investment has acquired a logistics property in Hamburg for its open-ended real estate fund UniImmo: Deutschland. The financial details were not disclosed, but PropertyEU Research estimates the investment volume at about EUR 60 mln.

The vendor of the property, 20 Heykenaukamp in the Hausbruch district of Hamburg, is the Schroder EuroLogistik Fund, which is managed by Schroder Property Investment Management. The 57,700 m² property comprises five halls and parking for 195 cars and is fully let to logistics service provider Stute Verkehrs.

'The addition of this property occupied by a financially sound tenant in a location with strong prospects helps to diversify our logistics sector portfolio,' said Frank Billand, management board member of Union Investment Real Estate.

'After acquiring the property in 2005, we added 25,000 m² of logistics space, followed by re-letting,' added Buddy Roes, head of logistics fund management at Schroder Property. 'This profitable sale is an excellent example of our active asset management fund strategy.'

With real estate assets under management totalling some EUR 20 bn, Union Investment is one of the largest real estate investment managers in Europe. It currently has 10 logistics properties in its portfolios with a value of some EUR 370 mln. Properties belonging to the portfolio include LogPark Hamburg, certified 'Gold' by the DGNB, the Hanover logistics property of tyre retailer Delticom and Amazon's logistics building in Bad Hersfeld.

Union Investment is hosting its 3rd Sustainable Investment Conference at the EXPO REAL in Munich next October. Click on the link below for more details