Union Investment has sold Copyright Building in London to Ares Real Estate funds, affiliates of Ares Management Corp. Signing has taken place and the transaction is expected to close in March. Financial terms were not disclosed.
This transaction is a testament to the rising demand for European office investments. Union Investment has held the property for nearly 10 years in its open-ended public real estate fund, UniImmo: Europa, and has now sold it at book value. The building, which is almost 100 percent let, comprises about 10,000 square meters (1.1 million square feet) of office and retail space on eight floors and benefits from a central location in Fitzrovia, a sought-after West End office submarket. With a total of three underground stations nearby, the BREEAM Excellent-certified Copyright Building benefits from strong transport links to Greater London and beyond.
After the sale of the Finsbury Circus House office property to an Australian joint venture, the sale
