Union Investment sells Hamburg office and resi complex

German fund manager Union Investment has sold a mixed-use residential and retail building in Hamburg to an institutional investor.

The purchase price was not disclosed, but the building was valued in September last year at €38.3 mln. Union Investment bought it in 1997 for around DM80 mln (€40.9 mln).

The ABC Forum comprises 74 apartments and a seven-story office building, with a total lettable area of 12,633 m2. The property was held in Union's UniImmo:Deutschland fund.

Engel & Volkers Commercial and Clifford Chance advised on the sale.