Union Investment has acquired the Nürtinger Tor development project via a forward funding deal. The building in the heart of Nürtingen dates back to 1971. Currently known as the Nanz Center, it is being converted into a mixed-use shopping and amenity center. Completion is scheduled for the second half of 2023.
The acquisition is being made for open-ended real estate fund immofonds 1, which is marketed solely in Austria. The vendor, the Geiger Group, is also handling the extensive development and upgrading of the building.
“Nürtinger Tor is a good example of how the conversion of an existing building into a well-positioned, sustainable and taxonomy-compliant local shopping property can succeed. Instead of demolishing the property and building a new one, the decision was taken to extensively refurbish the existing building while retaining the load-bearing structure, thereby saving grey energy. Repurpose of properties needs to play a more prominent role in efforts to achieve climate targets and meet rising ESG requirements,” said Henrike Waldburg, head of Investment Management Global at Union Investment. This view is shared by Roman Höhne, head of Geiger Projektentwicklung’s local office, who added: “The refurbishment of Nürtinger Tor is an excellent example of how the Geiger Group is able to successfully deliver on its corporate goal of sustainability.”
Source: Across-magazine.com on the 16th of December 2022
https://www.across-magazine.com/union-investment-acquires-repurposed-property-in-nurtingen-germany/