Union Investment has acquired a nine-storey office building at 160 Aldersgate Street in London for around €245m from Greyhound Investing Corporation.

The property offers 19,300sqm of rental space and is fully let international law firm DLA Piper on a 20-year fixed lease.

The German fund manager said it acquired the asset for its open-ended real estate fund Unilmmo Deutschland.

Martin Schellein, head of Investment Management Europe at Union Investment Real Estate, said: “The 160 Aldersgate Street property is the second office building of its size that we have acquired in London this year.” 

Union Investment’s other recent London acquisition was The Copyright Building, a 10,000sqm office project located in Fitzrovia in London’s West End, which was bought for Unilmmo Europa.

“In both cases, we are investing in excellent locations where we see further development potential due to the dynamic local environment. Long-term leases also fulfil what is currently the most important condition of our conservative investment approach to the UK real estate markets,” Schellein said.

The purchase of 160 Aldersgate Street for Unilmmo Deutschland continues this investment strategy, the company said.