Union Investment has acquired an office property in Frankfurt on behalf of the UniInstitutional German Real Estate fund.
Located at Franklinstraße 50, the 8,773 m2 property, in Frankfurt’s city-west office submarket, is fully let to an accounting firm on a long-term lease.
Lovells advised Union Investment on the deal and BNP Paribas Real Estate managed the transaction on behalf of the seller.
The transaction is the fourth acquisition for the UniInstitutional German Real Estate fund and used funds from the second subscription phase, which raised €100m. The fund was launched in October 2012 to meet the investment needs of banks, churches and foundations and invests solely in Germany, focusing on smaller properties worth between €15m and €50m.
“We want the fund to be broadly diversified by region. Our search profile therefore includes mid-sized towns, such as Darmstadt, Essen, Cologne and Nuremberg,” said Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
