Union Investment takes full ownership of Watermark Place

Union Investment has acquired Oxford Properties 50% stake in London office building Watermark Place. The purchase has been made on behalf of Union’s open-ended real estate fund, UniImmo: Europa. Union already owned the other 50% stake in the 542,501 sq ft 2009-built property having bought it from Oxford Properties in 2015 for around £255m five years ago. The transaction valued the building at around £510m. It now owns the property, which is fully let to Japanese investment bank Nomura, located at One Angel Lane, EC3, entirely. Martin J Brühl, chief investment officer and member of the management board of Union Investment Real Estate, said: “After a phase of increased Brexit uncertainties, the transaction is also the start to further expand our portfolio in London.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette