Published 5 January 2010
Hamburg-based Union Investment Real Estate GmbH has entered the Portuguese market, buying the first of the Colombo Towers project in Madrid’s 2 office blocks for an open-ended fund it manages.
Union Investment has bought the fully leased Torre Oriente for about €70 million from the project consortium, a partnership between Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra.
Including the Colombo Shopping Centre & parking lot, the project covers 500,000m². Work has begun the second office building, the Torre Ocidente, and it’s scheduled for completion in 2011.
Union buys Pirelli project in Hamburg
Union Investment followed up that December purchase with an announcement on 4 January that it had bought the Geschäftshaus Ottensen in Hamburg for its Unilmmo:Deutschland fund for €60.05 million. Vendors were Pirelli & C Real Estate SpA, of Milan, and B&L Real Estate GmbH, of Hamburg. Union Investment had already bought the adjoining Mercado shopping centre & adjacent business premises 6 months ago. Pirelli will continue to manage the properties.
Pirelli RE completed the property on Ottenser Hauptstrasse in 2008. The building has 8250m² of retail, 2500m² office & 83 parking spaces.
Union Investment has €18 billion of assets under management in 6 real estate funds and in 26 countries.
Pirelli RE is an asset & fund management company that acquires high quality portfolios and manages them to increase their value through minority stakes in joint ventures with leading international investors. It has €15.1 billion of real estate under management, half in Italy, half in Germany and a development project in Poland.
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.