Union Investment has sold a commercial and office building at Otto-Brenner-Strasse 9 in Hanover, Germany, slightly above a recent valuation.
Brenner-Strasse 9 was built in 1974 and modernised in 1994.
The 4,970 m2 office and commercial building is fully let and has been part of the institutional real estate fund's portfolio since the launch of UII German in 2016. The buyer is a real estate company from Hanover that wants to reposition the property.
Wolfgang Kessler, member of the management board of Union Investment Institutional Property, said: 'The property has generated stable rental income for the fund in recent years. Now is a good time to sell the property. We are thus consistently implementing the active management approach of our fund and have further rejuvenated the portfolio.'
