Union Investment has sold an office and commercial building in Düsseldorf, the state capital of North Rhine-Westphalia, to PANDION AG on behalf of special real estate fund UII GermanM. The property is located in west central Düsseldorf at Oststraße 34 / Leopoldstraße 2. The purchase price was not disclosed.
Completed in 1964, the office and commercial building benefits from excellent visibility in Düsseldorf city centre due to its prominent corner location. The ground floor of the four to six-storey ensemble is used for retail outlets, while the upper floors are occupied by offices. The rental space totals some 8,900 sq m and is currently around 70 per cent let.
Launched in 2016, the UII GermanM fund pursues a midscale strategy. Accordingly, investment is centred on medium-sized office and commercial properties situated chiefly in “ABBA” locations (i.e. prime locations in secondary cities and secondary locations in primary cities) and specialist locations. The focus is on long-term viability, sustainable cash flows and a balanced risk/return profile.
Source : Union Investment