Union Investment Real Estate has carried out its first acquisition in the London office market for three years. The German company acquired the office building at 10 Gresham Street in the City of London for just under EUR 165 mln from insurance company Standard Life. The property is being contributed to Union Investment's open-ended property fund UniImmo: Europa.
Union Investment Real Estate has carried out its first acquisition in the London office market for three years. The German company acquired the office building at 10 Gresham Street in the City of London for just under EUR 165 mln from insurance company Standard Life. The property is being contributed to Union Investment's open-ended property fund UniImmo: Europa.
10 Gresham Street was completed in 2003 and comprises 24,125 m2 of leaseable area. There are seven tenants on lease terms averaging 11.4 years. The property has a BREEAM Certificate with a rating of 'Excellent'.
Union Investment said in a German-language statement that it has invested EUR 600 mln in Europe so far this year out of a total planned investment volume of betwen EUR 1 bn and EUR 1.5 bn.
