Union Investment's German institutional fund has bought an office building in Berlin from an American investment company represented by Atos Asset Management for an undisclosed amount.
Union Investment's German institutional fund has bought an office building in Berlin from an American investment company represented by Atos Asset Management for an undisclosed amount.
The acquisition represents Union Investment's seventh transaction for UniInstitutional German Real Estate fund.
The nine-storey ensemble, which is fully let to a major insurer and provides some 7,000 m2 of space, is located in the Charlotten-Carree complex with direct views of Checkpoint Charlie and Friedrichstraße. The lease provisionally expires in 2015.
Berlin-based Angermann Investment Advisory advised Union Investment on the deal.
'Demand for large space in this dynamic location suggests that the property will quickly re-let, potentially to a single occupier,' added Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
UniInstitutional German Real Estate was established in October 2012 and invests in smaller properties worth between €15 and €50 mln.
