Union Investment acquires office project in Frankfurt

Union Investment Real Estate has acquired the Eschborn Waves office project at Frankfurter Strasse 16-40, in Eschborn, near Frankfurt, for EUR 67.3 mln. The project is earmarked for Union Investment's UniImmo: Deutschland open-ended real estate fund, The vendor of this modern building, which offers around 21,250 m² of rental space, is Frankfurt-based project developer Phoenix Real Estate Development.

AtisReal advised Union Investment.

'Given the comparatively low level of new building activity over the last two years, the acquisition of Eschborn Waves gives Union Investment an ideal opportunity to participate in the growing demand for modern, high-end office space in Eschborn. Large blocks of continuous office space that meet today's quality requirements are becoming increasingly scarce in nearby Frankfurt,' said Frank Billand, management board member of Union Investment.

'This is reflected in the fact that Deutsche Börse plans to relocate to Eschborn. An important submarket in the Frankfurt region, Eschborn's low business tax rate has made the town particularly attractive to multinationals as a location for their back-office operations.'