22 November 2017
Reporter: Theo Andrew

Union Investment bags City of London office

Union Investment has acquired a nine-storey office building in London, from Greyhound Investing Corporation, for €245 million.

Purchased on behalf of Union’s open-ended real estate fund Unilmmo: Duetschland, the 19,300-square metre property is located at 160 Aldersgate Street in Farringdon.

The grade-A property, currently let to DLA Piper on a 20-year fixed lease, finished a redevelopment phase in 2017, achieving a Building Research Establishment Environmental Assessment Method rating of excellent.

Located in the City of London, the office features terraces on the top two storeys, and is in close proximity to the site of the new Farringdon Crossrail Station, opening at the end of 2018.

In July, Union Investment acquired The Copyright Building in London’s West End from Derwent London, for €186 million. The 10,000-square metre mixed-use property is situated in Fitzrovia, London.

Martin Schellein, head of investment management for Europe at Union Investment Real Estate, said: “The 160 Aldersgate Street property is the second office building of its size that we have acquired in London this year.”

He added: “In both cases, we are investing in excellent locations where we see further development potential due to the dynamic local environment. Long-term leases also fulfil what is currently the most important condition of our conservative investment approach to the UK real estate markets.”

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