Union Investment buys Las Palmas building in Rotterdam

Union Investment Real Estate has strengthened its investment portfolio in the Dutch Randstad with the acquisition of the Las Palmas building in Rotterdam from real estate developer OVG for an undisclosed amount. The Hamburg-based company said that Las Palmas is the first investment object for its open-ended real estate fund Immo-Invest: Europa. Union Investment's investment strategy focuses on high-quality office development located in prime locations in the four main cities in The Randstad.

OVG, which recently redeveloped the building, will stay involved as leaseholder in the management of the property. Originally commissioned by the Holland America Line (HAL) in 1953, Las Palmas has served a variety of purposes over the years. The property currently offers up to 22,000 m² of multifunctional office-space and a new penthouse building on top in which OVG holds office. The building houses both commercial and cultural organizations, including the well-known Dutch Photo museum, the restaurant Las Palmas managed by Herman den Blijker and architecture companies such as INBO Architects and De Jong Gortemaker Algra Architects.

Savills acted for Union Investment.