Union Investment awards property management contracts valued at €7b

Union Investment has awarded property management contracts for 150 commercial properties in its Germany portfolio.

Distributed across the country, the 120 office and commercial properties plus 30 hotels comprise total rental space of 2 million square meters (22 million square feet) and are valued at approximately €7 billion ($8 billion).

After a transparent and detailed assessment of 25 potential property management partners, the Hamburg-based real estate investment manager opted for a new 2+2 service provider strategy.

The bulk of the portfolio covered by the tender will be managed by Strabag Property and Facility Services GmbH (49 properties) and Apleona Real Estate GmbH (45 properties). In terms of rental space, these properties represent 73 percent of the tender volume.

Alongside the above service providers, who are tasked with managing properties throughout Germany, Union Investment has selected B&L Property Management GmbH and Tattersall Loren