Hamburg-based Union Investment Real Estate AG has acquired the Da Vinci office building in Rue Lou-Hemmer near Luxembourg airport for its UniImmo: Europa open-ended real estate fund. The purchase of the property, which is fully let to the European Investment Bank until 2009, represents a total investment of some €67.6 million. Da Vinci's vendor is German-Swiss developer SOMACO S.A.
"The acquisition reflects our fund strategy for UniImmo: Europa, which involves progressively increasing the proportion of European property by way of new investment," says Dr. Reinhard Kutscher, member of the Management Board of Union Investment Real Estate AG, commenting on the transaction. "Luxembourg's buoyant economy and associated strong demand for office space offer excellent fundamentals for our investment," adds Kutscher. Last year, Union Investment Real Estate AG acquired the L'Unico and Pixel project developments, also located in Luxembourg, for UniImmo: Europa.
In addition, Union Investment Real Estate AG has sold a further property from the UniImmo: Europa portfolio. No. 15-17 Mainzer Landstrasse, an office building in Frankfurt's banking district, has been acquired by ING Real Estate Investment Management Germany (ING REIM), part of Dutch financial group ING. Union Investment Real Estate achieved a sale price of €28.5 million.
Source: Union Investment Real Estate AG