Union Investment has acquired an office building in Munich from a value-added fund operated by Warburg - Henderson KAG and invested by HIH Hamburgische Immobilienhandlung. Financial details were not disclosed.
Union Investment has acquired an office building in Munich from a value-added fund operated by Warburg - Henderson KAG and invested by HIH Hamburgische Immobilienhandlung. Financial details were not disclosed.
The property at Prinzregentenplatz 7-9 is earmarked for Union's UniImmo: Deutschland open-ended real estate fund and provides 20,300 m2 of office space let on long-term leases to tenants including law firm Bardehle Pagenberg and pharmaceuticals company GlaxoSmithKline. It is undergoing extensive refurbishment which is due for completion at the start of 2012.
'This investment adds another high-quality property to our Munich portfolio that enjoys a prime location and offers secure returns,' said Frank Billand, a member of the management team at Union Investment Real Estate.
'The sale of the property as part of the value-added strategy of the fund, which mainly specialises in the development of office properties in Germany, marks the conclusion of the repositioning of the complex,' added Hans-Joachim Lehmann, a member of the management team at HIH.
Munich-based Colliers Schauer & Schöll and law firm Ashurst of Frankfurt/Main acted as investment consultants to HIH Hamburgische Immobilienhandlung, while Clifford Chance provided corresponding advice to Union Investment.
