Union Investment buys Hamburg property for EUR 60m

Union Investment Real Estate has acquired the Geschäftshaus Ottensen business premises in Hamburg from Pirelli Real Estate and the B&L Gruppe for EUR 60 mln. The deal follows the purchase of the Mercado shopping centre and the adjacent business premises earlier in 2009.

As with Mercado, Pirelli RE will continue to provide property management facilities for the property. 'Union Investment is the ideal purchaser for 'Geschäftshaus Ottensen', after we sold the adjacent Mercado shopping centre to them in the summer of 2009. As the developer of 'Geschäftshaus Ottensen', it is especially important for us to secure the synergies between both these retail properties long term,' said Paolo Bottelli, director general of Pirelli & C. Real Estate.

Union Investment is contributing the property located in the Ottensen district to its open-ended real estate fund Unilmmo: Deutschland. The property on Ottenser Hauptstrasse was developed by Pirelli RE and completed in 2008. The building comprises a rental area of around 10,600 m² of which about 8,250 m² is retail-dedicated and around 2,500 m² office space.

The main tenants in the retail section are well-known clothing brands such as Esprit, S. Oliver, Jack&Jones/Vera Moda and C&A together with electronics store Conrad Electronic. Office space has been rented by recruitment company Randstad as well as a market research institute.

Click on the link below to read: Union Investment buys Lisbon tower