BVK to Invest Alongside Union Investment Fund in Munich Development
Posted on 11/17/2021
Union Investment has acquired a development project in Munich’s Werksviertel district via a forward funding deal. In the immediate vicinity of Project East, which was acquired by Union Investment earlier in 2021 through a joint venture with Hines, a PANDION OFFICEHOME will be built by summer 2024. Construction of the office building, which will provide around 1,500 workplaces, will start in January 2022. The building has already been let for 15 years to the Bundesanstalt für Immobilienaufgaben for use by the German Patent and Trade Mark Office since the summer of this year.
Half of the acquisition is made for the special real estate fund UII German Prime Select and half for UII MSI ges. InvKG, which is managed by Union Investment on behalf of the Bayerische Versorgungskammer (BVK). The developer and vendor is PANDION AG. The purchase price was not disclosed.
Union Investment was advised legally by Linklaters, tax-wise by P+P Pöllath + Partners and technically by HPC and KBC.