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Hamburg-based real estate fund company Union Investment Real Estate has acquired the MainTor office tower project in Frankfurt from listed German investor-developer DIC Asset.

The investment volume for the 22,500 m2 high-rise comes to €155 mln.

Union Asset Management Holding - the holding company for the buyer - rented the entire property on a long-term lease in January 2013. Occupancy is scheduled for summer 2014. DIC is aiming to obtain Gold certification from the German Sustainable Building Council (DGNB) for the building.

Union Investment has earmarked MainTor Porta for its institutional public real estate fund UniInstitutional European Real Estate.

The new MainTor Quarter in the south of Frankfurt's banking district boasts good transport infrastructure and after completion will offer some 108,000 m2 in which to work, live and relax, the buyer said in a statement.

The site is close to the future headquarters of the European Banking Authority (Eurotower) and only a two-minute journey from the main railway station. It can be reached from the airport by public transport in less than 20 minutes.

With its elegant natural stone façade, MainTor Porta comprises six storeys in the base building and 18 in the office tower. 'With its high construction quality and future-oriented location, this property will offer the secure returns that many investors are currently looking for,' said Frank Billand, the member of the management team at Union Investment Real Estate responsible for the acquisition.

The transaction was facilitated by BNP Paribas Real Estate and Jones Lang LaSalle in an advisory and brokering role for DIC. On the legal aspects, DIC was advised by HauckSchuchardt.

DIC has already sold five of altogether six sub-projects of the MainTor Quarter ahead of completion, meaning more than 60% of the overall projects with a total volume of €700 mln.