Union Investment has bought a 14,000sqm office building near Munich, its first investment since raising €390m for a specialist German real estate fund.
The German fund manager bought Semmelweisstraße 7 in Planegg on behalf of UII German M, a fund that invests in secondary German cities and specialist locations.
The fund, which is focused on medium-sized properties in the Rhein-Ruhr, Rhein-Main and Munich regions, raised €390m institutional investors after having been seeded with a €313m portfolio.
Semmelweisstraße 7, let to lifesciences firm Morphsys and situated in one of Germany’s main biotechnology locations, is the first new acquisition.
Morphosys specialises in producing antibodies and is among 20 biotech companies clustered in and around Martinsried, Planegg and Großhadern, in close proximity to the Max Planck Institute for Biochemistry and Großhadern hospital. The biology and chemistry faculties of the University of Munich are also based nearby.
To accommodate the Morphsys’ research, a 2,300sqm laboratory has been installed in addition to the 10,400sqm of office space.
The seller was German company LIP Ludger Inholte Projektentwicklungs.
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