Union Investment secures 100% of Watermark Place

German fund manager Union Investment has secured the remaining 50% stake in Watermark Place, an office property in London, in a deal with its joint venture partner, Oxford Properties Group.

Financial details were not disclosed, although the entire property was valued at around €540 mln five years ago when Union first entered the 50-50 venture.

Situated in the City of London, at One Angel Lane, the asset comprises some 50,400 m2 of lettable space and overlooks the Thames. Constructed in 2009, the asset is fully let to Japanese investment bank Nomura. The property has Breeam Excellent certification.

The deal brings the entire Watermark Place property into the portfolio of open-ended real estate fund, UniImmo: Europa.

'In 2015, the joint venture offered us the opportunity to become co-owner of this outstanding Grade A property and we look forward to further successful cooperation with Oxford Properties in the future,' said Martin Brühl, chief investment officer and member of the management board of Union Investment Real Estate.

'At the same time, we are happy to take the opportunity for our investors to include the entire property at this top location in our portfolio. After a phase of increased Brexit uncertainties, the transaction is also the start to further expand our portfolio in London,' Brühl added.

Union Investment currently manages 12 commercial properties in the UK with a value of around €1.9 bn.

The most recent acquisitions in London are office properties The Copyright Building, covering 10,000 m2 at 30 Berners Street, and 160 Aldersgate Street, with around 18,700 m2 rental space. Both transactions were concluded in 2017.

Subsequently, the firm also acquired two hotel properties in Scotland.


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