Union Investment has sold a 32,180 m2 logistics property in Worms, Germany, for an undisclosed amount.
Union bought the asset in 2007 as a project and has since held it in its UniInstitutional European Real Estate fund.
The property is fully let to Trans Service Team (TST) as sole occupier.
Commenting on the rationale for the sale, Union said that the disposal was made for 'portfolio-strategic reasons', since the asset is significantly below the average lot size of the other UniInstitutional European Real Estate properties.
'During the holding period and through the completed sale, the property was able to generate important value contributions. The sale provides us with additional liquidity scope to further develop the portfolio in a targeted manner through new acquisitions,' said Carsten Thiel, head of real estate mutual funds at Union Investment.
'The current market phase brings with it various real estate challenges. The successful sale of the logistics property, which has been in the portfolio for many years, underlines the attractiveness and value of the asset class,' added Stephan Riechers, head of investment management logistics at Union Investment.
