French asset manager Amundi has bought the €1bn Aqua Portfolio from German fund manager Union Investment following a four-month bidding process.
Aqua was first marketed by Amundi in March this year and comprises 17 office assets covering just under 3m sq ft of rentable space. Some 75% of the portfolio is in the UK, France and Germany, with additional assets in Austria the Netherlands and Finland.
Overall the portfolio was bid on by nine different parties, with Amundi coming to the fore at an early date.
Union Investment chief investment officer Frank Billand said: “We quickly found our ideal partner in Amundi. Its strong banking background provides a high level of transaction security and it attaches great importance to a structured, thorough sale process while also applying high quality standards.”
The portfolio generates a rental income of €60m from 145 tenants and the average asset price is approximately €50m. The most valuable property is estimated to be €147m. The portfolio is currently 96.6% let.
The deal is expected to close in the final quarter of the year.
