Germany's Union Investment has snapped up the Rosmarin Karree office and commercial building in central Berlin for its UniImmo: Deutschland fund. Financial details were not disclosed.
Germany's Union Investment has snapped up the Rosmarin Karree office and commercial building in central Berlin for its UniImmo: Deutschland fund. Financial details were not disclosed.
The premium property was developed by the B&L Group and Hines and completed in 1998. It is fully let, with the main tenant being the German Savings Banks Association on a long-term lease. Rosmarin Karee comprises 21,500 m2, made up of 11,800 m2 of offices, 3,200 m2 devoted to apartments, and 2,500 m2 of retail space, which is let to chains such as H&M, Massimo Dutti, Vero Moda and Jack & Jones.
'Alongside the excellent tenant base, the premium location on Friedrichstraße makes Rosmarin Karree a particularly attractive investment for our Deutschland fund,' said Frank Billand, Union Investment Real Estate's management board member. After construction of the new metro line number 5, the location will be even better served by public transport, he added.
B&L - which advised the vendor on the deal - will continue to manage the property.
