- March 1, 2011: Vol. 5, Number 3

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Union Investment Sells London Office Property


Hamburg-based Union Investment Real Estate GmbH has sold the Whitefriars office building in London to a special purpose vehicle of the Employees Provident Fund of Malaysia for £148 million (€174 million). The nine-storey building at 65 Fleet Street comprises 20,760 square metres of space.

“After having extended the lease with existing tenant Freshfields, we took the opportunity to sell the property and take advantage of current strong demand for core investments,” says Dr Karl-Joseph Hermanns-Engel, a member of the management board of Union Investment.

Union Investment acquired Whitefriars in 1997 for £123.7 million on behalf of its open-end real estate fund UniImmo: Deutschland.

In other news, Union Investment has purchased a 13,500-square-metre property in Hamburg for €71 million. The newly built Centurion Commercial Centre is 85 percent let and includes 167 underground parking spaces. The property will be contributed to UniImmo: Deutschland.

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