Union Investment acquires high quality landmark building in Bremen (DE)

Union Investment has beaten off competition to complete one of the most significant real estate transactions seen in Bremen. The Hamburg-based investment manager is acquiring the landmark Weser Tower building, designed by Helmut Jahn, for an unspecified price.
The vendor is the developer, Siedentopf, who was advised by Jones Lang LaSalle.  At 82 meters high, Weser Tower offers 17,912 m² of rental space and is the tallest office building in the city and wider region. It dominates the skyline of the Überseestadt district. Architect Helmut Jahn chose an all-glass façade for the building, which combines a striking appearance with maximum transparency.
“The combination of a high quality property, its excellent location and the fact that it is fully let to a financially sound municipal company made the decision to enter the Bremen office market easy,” said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH. “With its traditionally low vacancy rate, Bremen is an attractive alternative to Germany’s mainstream real estate markets.” Union Investment, the fund manager within the cooperative banking network (Volksbanken and Raiffeisenbanken), intends to increase its proportion of property acquisitions in German mid-sized cities. The investment focus is on office and commercial properties worth between €15 -50 million. Weser Tower joins the portfolio of open-ended real estate fund UniInstitutional European Real Estate, which is targeted at institutional investors.
Source: Union Investment