Union Investment has acquired the Westfalen Center in Dortmund for an undisclosed price.
Located close to Dortmund city centre, the campus property comprises an office building that incorporates a hotel. The campus occupies a 10,062 m2 site, with around 30,415 m2 of rental space and 442 parking spaces.
Swiss investor AFIAA Investment Foundation for International Real Estate Investments is the seller.
Union said the acquisition was being made for its Urban Campus Nr. 1 special fund established together with Investa Capital Management (ICM).
The Westfalen Center Dortmund is now the eighth property in the fund, following acquisitions in Fürth, Nuremberg, Constance, Mannheim, Hamburg, Bochum and Munich. As with all properties in Urban Campus Nr. 1, Investa Real Estate will handle property and tenant management.
Wolfgang Kessler, a member of the management board of Union, said: 'Since the property is already laid out as a campus, our The Plant concept can be adapted very easily, enabling implementation of forward-looking working and office structures.'
'Starting with office buildings that feature flexible space concepts and a prestigious ambience while also benefiting from a high quality urban environment, we transform campus properties into spaces that cater to all areas of daily life.'
Built in 1996, the property was renovated in 2012 and 2019 and currently has 33 tenants. The main tenant, Steigenberger Hotel GmbH, occupies 22% of the total rental space.
Latham & Watkins advised the seller. Union and Investa were advised by P+P Pöllath + Partners, on technical aspects by Currie & Brown and on environmental issues by Arcadis. The deal was brokered by Rheinwert Immobilien.
