Union Investment Sells French Asset
Union Investment Real Estate GmbH has sold two office buildings in Paris to UFG Real Estate Managers for €120 million. The assets, Axialys I and Axialys II, comprise 24,300 square metres of lettable space. Axialys I is let to Randstad, and Axialys II is let to a public authority of the French finance ministry. Union Investment acquired the two properties in the Saint-Denis district of Paris in 2000.
“We recognised the potential of Saint-Denis — at that time still a developing market — early on,” says Dr Karl-Joseph Hermanns-Engel, a member of the management board of Union Investment Real Estate GmbH. “During the 10-year period in which the properties were held, the fund was able to profit from good value development due to revaluation of the location of Saint-Denis.”
In other news, Union Investment has acquired several assets in Finland from NCC Property Development. The firm acquired Plaza