Union Investment Real Estate has expanded its property portfolio in Luxembourg by acquiring the K-Point office building from AXA REIM.
Union bought the asset for its institutional fund UniInstitutional European Real Estate.
Both parties agreed not to disclose the purchase price.
Completed in 2008, the property is fully let and comprises 8,169 m2 of offices, 1,041 m2 of retail and 620 m2 of storage space as well as 87 car park spaces.
K-Point marks the first investment in Luxembourg for the UniInstitutional European Real Estate fund.
“The positive market data makes the Luxembourg office market attractive for institutional investors. Due to the short supply of core properties, we are delighted to have acquired this high-quality and profitable property for an attractive price,” said Christoph Schumacher, member of the management board at Union Investment Institutional Property.
