German fund manager Union Investment Real Estate has acquired a mixed-use campus dubbed Loftwerk in Nuremberg for an undisclosed sum.
The vendor of the asset, which is home to 32 businesses on a lettable area of 27,000 m2, was not named.
'Loftwerk is a traditional, very well-established property in Nuremberg with a palpable campus flair,' commented Wolfgang Kessler, managing director of Union Investment Institutional Property. 'The property is therefore an excellent addition to the fund profile of Urban Campus Nr. 1.'
The special fund Urban Campus Nr. 1 was launched by Union Investment and Investa Capital Management, the latter of whom will manage the property in future.
The former factory building, buit in 1920, currently consists of four units and is fully occupied. The property comprises a mix of offices, restaurants, an ibis hotel, training areas, a sound studio and an event location.
Union Investment was advised on the off-market transaction by Colliers International and on legal aspects of the deal by P+P Poellath + Partners.
