Hamburg-based investment management company Union Investment has acquired the West-Park office building in Zurich for EUR 104 mln. The property, which is earmarked for the group's open-ended real estate fund Unimmo: Global fund, provides a total of 27,000 m[sup]2[/sup] of space. The property, sold by West-Park Zurich, was developed in 2002 and is currently 94%-let.
Hamburg-based investment management company Union Investment has acquired the West-Park office building in Zurich for EUR 104 mln. The property, which is earmarked for the group's open-ended real estate fund Unimmo: Global fund, provides a total of 27,000 m2 of space. The property, sold by West-Park Zurich, was developed in 2002 and is currently 94%-let.
Union Investment has had a presence in Zurich-West, the city’s main development zone, since September 2008, when it purchased the CityWest Gebäude F office development for sister fund UniImmo: Europa. By entering the Swiss market, UniImmo: Global has added a further European core market to its holdings. With total property assets of approximately EUR 2.4 billion at present, the fund is broadly diversified across 14 national markets in Europe, the Americas and Asia.
