Pirelli Real Estate and B+L sell business premises in Hamburg to Union Investment for €60.05 mln. (DE)

Union Investment Real Estate GmbH has acquired the business premises "Geschaftshaus Ottensen" in Hamburg Altona, Ottensen district, for its open-ended real estate fund Unilmmo: Deutschland from Pirelli Real Estate and the B&L GRUPPE. Pirelli RE and the B&L GRUPPE have agreed to sell the property for €60.05 million as of December 31st 2009.

"With the "Mercado" shopping center and the adjacent business premises, we have now acquired two excellent properties for our Germany focused real estate fund within the shortest period of time, both of which profit from the excellent commuter connections around Altona Station and which, with their first class tenant portfolio, guarantee a long-term stable cash flows," announced Dr. Frank Billand who is the member of the Board of Union Investment Real Estate GmbH, responsible for Asset Management Deutschland. As with Mercado, Pirelli RE will continue to provide Property Management facilities for the property.

"Union Investment is the ideal purchaser for 'Geschäftshaus Ottensen', after we sold the adjacent Mercado shopping center to them in the summer of 2009. As the developer of 'Geschäftshaus Ottensen', it is especially important for us to secure the synergies between both these retail properties long-term," said Paolo Bottelli, Direttore Generale of Pirelli & C. Real Estate SpA.

Thorsten Testrop, CEO of B&L Real Estate GmbH, added: "'Geschäftshaus Ottensen' has a unique location as well as a first-class tenant structure. Ottensen is being upgraded by this project not only in terms of design, but also because of the range on offer."

The property on Ottenser Hauptstrasse was developed by Pirelli RE and completed in 2008. The building contains a rental area of around 10,600 m² of which about 8,250 m² is retail-dedicated and around 2,500 m² office space. In addition, 83 car parking spaces are available. The main tenants in the retail section are well-known clothing brands such as Esprit, S. Oliver, Jack&Jones/Vera Moda and C&A together with the electronics store Conrad Electronic.

The concept is rounded off with the Alnatura health food store and Burger King. Office space has been rented by the recruitment company Randstad as well as a market research institute. The shops face directly onto the pedestrian area, which benefits from of the pedestrian route between Altona Station and the center of Ottensen and which enhances the urban flair of this popular district.

Source: Union Investment

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