1 October 2020
Union Investment acquires Medicus portfolio including six core properties from Hines
Hines, the international real estate firm, announced today that Union Investment has acquired the Medicus portfolio with six mixed-use core properties in Düsseldorf and Berlin for a recently launched speciality fund. Union Investment’s speciality fund primarily invests in the prime core segment, focusing on prime German city locations.
The Medicus portfolio was sold by a pension scheme (“Versorgungswerk”) as well as a joint venture of several pension schemes and Hines. The transaction is one of the largest in the German office real estate market this year.
The portfolio consists of six core properties with a total rental space of 46,000 m2, primarily comprising of office and hotel components.
Three of the properties are project developments, and another three are portfolio properties. The Berlin portfolio includes the office building currently under construction in the "Südkreuz Berlin" district. However, the residential units which are currently built there are not part of the agreement.
The sellers were legally advised by P+P Pöllath + Partners. Tax advice was provided by Ernst & Young. Union Investment was supported by Linklaters as legal counsel. BNP Paribas acted as broker.
Christoph Reschke, Senior Managing Director of Hines Immobilien GmbH: "The high level of interest in the run-up to the sale as well as the now successful sale clearly show the attractiveness of the portfolio. We are very pleased that we were able to demonstrate our capabilities once again in negotiating one of the largest transactions in the market. We are convinced that with our vertically integrated platform we will continue to identify and develop attractive properties in the future and thus create sustainable value".
The parties have agreed to not disclose the purchase Price.
Wolfgang Kessler, member of the management board at Union Investment Institutional Property GmbH