Union Investment has sold an office building in Hamburg's old town to the property company Terrania at a profit.
The property at Cremon 32 had been part of a Union Investment special fund portfolio since 2002. The parties have agreed not to disclose the sale price.
'After a holding period of over 20 years, during which the office building generated stable income for our fund, we took the opportunity to rejuvenate the portfolio and sold the property,' said Alejandro Obermeyer, Head of Investment Management DACH at Union Investment.
The seven-storey office building has a rental area of around 4,650 m2 and is situated in a traditional Hamburg location on Nikolaifleet directly opposite the Speicherstadt. Short distances to the city centre ensure optimal transport connections.
Union Investment was advised by Angermann Investment Advisory.
