Union acquires Munich development from Hochtief

Union Investment Real Estate has secured the first commercial property in the new Am Hirschgarten urban quarter in Munich for its Unilmmo: Deutschland open-ended real estate fund.

The Hamburg-based investor acquired the forum am Hirschgarten retail asset from developer Hochtief Projektentwicklung for an undisclosed amount.

Upon scheduled completion at the end of 2013, the 37,500 m2 office, retail and storage complex will form the hub of a new business and residential area in west Munich. The complex comprises two buildings and is already 60% let.

The new building is part of the Am Hirschgarten development carried out by Aurelis Real Estate Management.

'As the first commercial investor, we are delighted to be able to participate in the excellent development potential of this new location,' said Frank Billand, a member of the management team and chief investment officer at Union Investment Real Estate.