Union Investment has acquired the Medicus portfolio, with six mixed-use core properties in Düsseldorf and Berlin, for a recently launched specialty fund. Union Investment’s specialty fund primarily invests in the prime core segment, focusing on prime German city locations.
The financial terms were not disclosed.
The Medicus portfolio was sold by a pension scheme (Versorgungswerk) as well as a joint venture of several pension schemes and Hines. The transaction is one of the largest in the German office real estate market this year.
The portfolio consists of six core properties with a total rental space of 46,000 square meters (495,140 square feet), primarily comprising office and hotel components.
“The Medicus portfolio has an outstanding property quality in predominantly top core locations with an attractive mix of new and existing properties, different lease terms with stable cash flow and rental potentials, as well as a stable value going forward.
