Union Investment has acquired the Elements campus property in Mannheim, Germany, on behalf of its Urban Campus Nr. 1 special fund for an undisclosed amount.
Officefirst is the vendor of the asset.
The property consists of 20,000 m2 of rental space across seven building sections which were completed in two stages in 1994 and 2002. A total of 19 tenants from a variety of sectors occupy the campus, which is 98% let.
Urban Campus Nr. 1 was established jointly by Union Investment and Investa Capital Management (ICM) and currently owns four German properties in Mannheim, Fürth, Nuremberg and Konstanz.
Investa Real Estate will handle on-site property and tenant management as the campus manager.