This is one of the largest transactions on the German office property market in 2020 and the investment company Union Investment has acquired the so-called Medicus portfolio – six mixed-use properties in Düsseldorf and Berlin. The seller is a joint venture between a pension fund and the international real estate investor Hines from Houston in Texas. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Six properties in Düsseldorf and Berlin
The six properties comprise a total lettable space of 46,000 square meters with mixed use – mainly for office and hotel purposes. They are exclusively core properties. Three properties are portfolio buildings, the remaining project developments. The latter also includes an office building in the new “Südkreuz” district of Berlin. A new quarter with several hundred apartments, office and commercial space is being built here in the vicinity of Südkreuz station in the Schöneberg district. However, residential space is not part of the Union Investment deal. Both parties have agreed not to disclose the purchase price.
Union Investment is the fund company of the Volks- und Raiffeisenbanken and one of the largest fund providers on the German market. The purchase was made by Union Investment Institutional Property GmbH. This subsidiary of Union Investment focuses on special property funds for institutional investors. The acquisition of the Medicus portfolio should also be seen in this context. It is intended for a new special fund that focuses on the prime core segment and prefers to invest in German top A cities and in the best micro-locations there.
Source: Immobilienmanager Picture source: Unsplash