German real estate investment company Union Investment Real Estate has acquired the Da Vinci office building near Luxembourg airport in a deal said to represent a total investment of over EUR 67 mln. The property, which Union Investment purchased from German-Swiss developer Somaco, will become part of its UniImmo: Europa real estate fund and is fully let to the European Investment Bank until 2009.
German real estate investment company Union Investment Real Estate has acquired the Da Vinci office building near Luxembourg airport in a deal said to represent a total investment of over EUR 67 mln. The property, which Union Investment purchased from German-Swiss developer Somaco, will become part of its UniImmo: Europa real estate fund and is fully let to the European Investment Bank until 2009.
Union Investment’s Reinhard Kutscher said that the strong demand for office space in Luxembourg offered excellent fundamentals for their investment. It joins acquisitions of the Luxembourg project developments that the company added to its UniImmo: Europa fund last year. They have also announced the sale from the same portfolio of an office building in Frankfurt’s banking district to ING Real Estate Investment Management Germany for EUR 28.5 mln.