Union Investment Real Estate is expanding its portfolio in Stuttgart with the acquisition of the 7,400 m2 Century retail and office building, located in the city centre.

Union Investment Real Estate is expanding its portfolio in Stuttgart with the acquisition of the 7,400 m2 Century retail and office building, located in the city centre.

The Hamburg-based fund manager acquired the property from developer Bülow, from whom Union Investment bought the adjacent, newly constructed Bülow Carré office and commercial property in 2012.

The parties did not disclose the investment volume for the Century building transaction.

Union Investment said the historic Century property has been extended and fully refurbished, bringing it up to a standard comparable to that of a new build. The building is fully let to 11 tenants. The main tenants include Berenberg Bank, Tialini and Schönbuch-Bräu.

The Century building on Bolzstrasse offers around 3,300 m2 of retail space, 1,500 m2 of office space and storage, plus a 2,600 m2 cinema. Bolzstrasse is adjacent to Königstrasse in the city centre and has been an established leisure and entertainment destination for decades, featuring a wide selection of restaurants and cinemas.

The property is being added to the portfolio of the UniImmo: Deutschland open-ended real estate fund. 'We are delighted to have found another property for Union Investment in Stuttgart’s attractive real estate market. Century is situated in a premium location in Bolzstrasse and is one of Stuttgart’s best known historical buildings, making it the perfect complement to our Bülow Carré property,' said Philip La Pierre, head of investment management Europe at Union Investment Real Estate.