Union Investment sells business park portfolio to Aurelis (DE)

Aurelis Real Estate GmbH & Co. KG has acquired four business parks from Union Investment in Düsseldorf, Cologne, Liederbach (Frankfurt/Main) and Wiesbaden with total rental space of around 104,000 m². Details of the purchase price were not disclosed.
The buildings at the four locations were constructed between 1988 and 2001 and had belonged to the portfolios of open-ended real estate funds Unilmmo: Deutschland and UniImmo: Europa for over 20 years in part. This sale continues Union Investment's ongoing strategy of reducing the average age of its portfolio.
The portfolio sale is the second transaction between the two parties. In April, Aurelis bought a business park in Kirchheim near Munich from Union Investment, comprising approximately 28,700 m² of rental space. Aurelis focuses on acquiring commercial properties and sites for development. Its goal is to add value to the properties, e.g. through development or refurbishment.
This transaction is Aurelis' first portfolio purchase and the acquisition boosts the company's existing rental portfolio in the corporate real estate segment. The total annual rent generated by the properties is currently approximately €9.4 mln. The portfolio comprises space for office, warehouse and service uses. There are currently 90 tenants across the four locations, representing a letting ratio of around 80%.
Source: Union Investment