Union Investment has announced its second office property acquisition in Glasgow, the UK, on behalf of its Unilmmo: Deutschland open-ended fund. Financial details were not disclosed.
Union Investment has announced its second office property acquisition in Glasgow, the UK, on behalf of its Unilmmo: Deutschland open-ended fund. Financial details were not disclosed.
Completed in 2010, the G1 asset is fully let and comprises 12,200 m2 of rental space in Glasgow's central business district. The property has a total of seven financially sound long-term tenants with an average lease of 13.7 years.
The Hamburg-based real estate investment manager already owns the Equinox office building in Glasgow, the largest office market in the UK outside of London.
'As a core market with relatively low market rent volatility compared with London, Glasgow is very well placed to contribute to diversification of our portfolio in the UK,' said Volker Noack, Member of the Management Board of Union Investment Real Estate. Union Investment's open-ended real estate funds currently have five office and hotel investments in UK regional markets across Cardiff, Glasgow, Manchester and Stansted worth a total of EUR 310 mln.
