Union Investment has sold a commercial and office building at Otto-Brenner-Strasse 9 in Hanover, Germany. The building, which was built in 1974 and modernised in 1994, is located in the north-western city centre of the capital of Lower Saxony and had been part of the portfolio of Union Investment Institutional Property GmbH for around 50 years. The property has a letting area of approximately 4,970 sqm and is currently 100 per cent let.
The office and commercial building has been part of the institutional real estate fund's portfolio since the launch of UII GermanM in 2016. The sale price is slightly above the recent valuation. The buyer is a real estate company from Hanover that wants to reposition the property.
Source: press release sent 10 June 2024