Union Investment has acquired the Bülow Carré office and commercial property from Stuttgart-based Company Bülow AG for its open-ended real estate fund Unilmmo: Deutschland. Bülow AG has been operating as a developer, planner, investor and real estate service provider throughout Germany for five decades.
The parties agreed not to disclose details of the purchase price. "This investment marks a compelling return to the economically strong Stuttgart area for the fund," said Dr. Frank Billand, a member of the management team at Union Investment Real Estate GmbH. Union Investment is interested in finding other investment opportunities for its open-ended real estate fund in the region, focusing on the office and hotel sector.
Bülow Carré is located in Stuttgart's premium office location, parallel to the main Königstraße pedestrian zone. The property features a sustainable mix of office and retail uses. The main tenants include big-name companies such as Gleiss Lutz, UBS, USM Haller, IKARUS and Cyberport. The premium quality, ultra-modern property is scheduled for completion by mid-2013. It boasts flexible floor plans that can accommodate a range of uses and are ideal for major tenants as well as those with smaller space requirements. Bülow Carré has been pre-certified Platinum under the LEED sustainability standard.
Source: Union Investment