Union Investment Buys German Assets
Union Investment Real Estate GmbH has acquired the Sophienhof shopping centre in Kiel, Germany, on behalf of its UniImmo: Deutschland open-end real estate fund. The property was sold by the DEGI Europa open-end fund, which is managed by Aberdeen Asset Management.
The Sophienhof shopping centre is due to be refurbished and expanded by 2,300 square metres of rental space in 2012–2013, giving it a total of 43,922 square metres.
Union Investment has also acquired a 14,360-square-metre office building in Düsseldorf on behalf of UniImmo: Deutschland. The Airport Garden building was developed by seller Strabag Real Estate and completed in 2010.
In other news, Union Investment has sold the Aile Sude office building in Boulogne, France,