German fund manager Union Investment has purchased an office building in Frankfurt/Main in the fourth acquisition for its UniInstitutional German Real Estate fund.
German fund manager Union Investment has purchased an office building in Frankfurt/Main in the fourth acquisition for its UniInstitutional German Real Estate fund.
Financial details were not disclosed.
The Franklinstraße 50 office building was completed in 2003 and is located in the City-West office sub-market. It offers around 8,770 m2 of office space and 110 parking spaces, and is fully let on a long-term lease to accountancy firm Deloitte & Touche.
Hogan Lovells advised Union Investment on the deal. BNP Paribas Real Estate advised the seller.
The UniInstitutional German Real Estate fund was established in October 2012 and focuses on high-yield properties in Germany worth between €15 mln and €50 mln.
At end-September, Union Investment raised €100 mln for the fund in a second subscription phase. As in the first subscription phase, the fund was heavily oversubscribed.
