Union Investment has bought K2 Dolce, an office building located in the Kirchberg business district of Luxembourg, from UBS Real Estate's UBS (D) Euroinvest Immobilien open-ended fund.
Union Investment has bought K2 Dolce, an office building located in the Kirchberg business district of Luxembourg, from UBS Real Estate's UBS (D) Euroinvest Immobilien open-ended fund.
The purchase price was not disclosed. However, UBS Real Estate KAG bought the office project in December 2004 from developer Codic for €45 mln.
Delivered in 2007, the seven-storey asset was last valued at €58 mln.
K2 Dolce is part of a larger scheme consisting of six K2 office buildings developed by Codic between 2006 and 2008. After K2 Ellipse and K2 Forte, which Union Investment acquired in 2014 for its retail fund UniImmo: Deutschland, and K2 Ballade, K2 Dolce is the fourth building of this development scheme to be traded. K2 Dolce will be added to one of Union Investment’s institutional funds.
Located at rue Borschette 2B-2C, the property totals 8,700 m2 of office areas, 630 m² of archive areas and 114 parking units. It is fully let to a mix of tenants and provides an annual rent of around €3.5 mln.
CBRE advised the seller on an exclusive basis.
