Union Investment Real Estate AG continues to invest actively in the European core markets. The Hamburg-based investment management company has acquired the 26,900-m² West-Park office building in Zurich on behalf of its UniImmo: global open-ended real estate for some 104.3 million. The vendor is West-Park Zürich AG.
The 26,900-m² West-Park office building in Zurich.
Built in 2002, the property has an occupancy rate of 94% based on rental income. The principal tenants are Schweizerische Post, Barry Callebaut, a manufacturer of cocoa and chocolate, and management consultancy BearingPoint. All these organizations have good to excellent credit ratings. West-Park is situated in a downtown location in the up-and-coming submarket of Zurich-West.
"With its substantial blocks of modern, contiguous office space, Zurich-West is extremely well positioned and has good reletting prospects," says Dr. Karl-Joseph Hermanns-Engel, a member of the Management Board of Union Investment Real Estate AG.
Union Investment has had a presence in Zurich-West, the city's main development zone, since September 2008, when it purchased the "CityWest Gebäude F" office development for sister fund UniImmo: Europa.
By entering the Swiss market, UniImmo: Global has added a further European core market to its holdings. With total property assets of approximately 2.4 billion at present, the fund is broadly diversified across 14 national markets in Europe, the Americas and Asia.
Source: Union Investment Real Estate AG