Union Investment has sold the Villaggio office building at Jägerstraße 58-60 in Berlin. The striking complex comprises three buildings with a total rental area of approximately 3,500 m² and had been part of the DEFO-Immobilienfonds 1 portfolio for almost 15 years. It was 97 % let at the time of sale. The buyer of the property, which is located close to Gendarmenmarkt in central Berlin, is a special fund operated by Deka Immobilien. Details of the purchase price were not disclosed. Union Investment was advised on the deal by CBRE and received legal advice from Olswang.
“The sale provides us with an opportunity to drive forward diversification of the fund portfolio in European countries outside of Germany and further reduce the average age of the real estate holdings,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg. The fund, which is focused on Germany, holds properties and stakes in real estate companies in five European countries. Most recently, the fund expanded its European property portfolio with the purchase of Marina Offices, an office new build in Amsterdam.
Source: Union Investment