Union Investment strikes another deal in central Berlin

Union Investment Real Estate has carried out its second investment in central Berlin in a matter of weeks. In the latest deal, the Hamburg-based investor acquired Neue Promenade 6, a 3,140 m² office and retail property, from a private investor. The financial details were not disclosed.

The building is nearly fully let and located close to the Museum Island on Hackescher Markt square. Built in 1888, the historical building was renovated in 2010. It offers approximately 3,140 m² of rental space in total, of which 2,169 m² is devoted to offices and 523 m² to retail and catering.

The tenants include Stiftung Mercator and the European Climate Foundation. A long-established Italian restaurant, Trattoria Ossena, is located on the ground floor. Union Investment bought the building for the DIFA-Fonds Nr. 3 special fund.

Union Investment was advised on the transaction by Immologie, Frankfurt/Main. The vendor was advised by Frankfurt law firm HauckSchuchardt.

In mid-April, Union Investment acquired the Rosmarin Karree office and commercial building in central Berlin for its UniImmo: Deutschland fund. The financial details of that transaction were not disclosed either.

The property was developed by the B&L Group and Hines and completed in 1998. It is fully let, with the main tenant being the German Savings Banks Association on a long-term lease. Rosmarin Karee comprises 21,500 m2, made up of 11,800 m² of offices, 3,200 m² devoted to apartments, and 2,500 m² of retail space, which is let to chains such as H&M, Massimo Dutti, Vero Moda and Jack & Jones.

Union Investment Real Estate manages seven open-ended real estate funds with assets under management totalling EUR 19.6 bn and several German special funds for institutional and professional investors.

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