German fund manager Union Investment's DEFO-Immobilienfonds 1 has sold an office property in Berlin to a special fund of Deka Immobilien for an undisclosed amount.
German fund manager Union Investment's DEFO-Immobilienfonds 1 has sold an office property in Berlin to a special fund of Deka Immobilien for an undisclosed amount.
Built in the 19th century, the Villaggio office and retail building is 97% leased and provides 3,500 m2 of space over six storeys. The complex consists of three buildings, which are connected by staircases. The main tenants are law firm LOH lawyers as well as restaurant operator Soya Cosplay.
In a statement, Union Investment said the proceeds will be reinvested in European countries outside Germany.
Union Investment was advised on the deal by CBRE and received legal advice from Olswang. Deka Immobilien was advised by GSK Stockmann.
'The sale provides us with an opportunity to drive forward diversification of the fund portfolio in European countries outside of Germany and further reduce the average age of the real estate holdings,' said Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
