Union Investment: 84,000 sqm relet during first half-year
Union Investment has relet or extended 242,000 sqm commercial space during the first half-year, about half of it in Germany. New leases were signed for 84,000 sqm of the total portfolio, extensions added up to 158,000 sqm. The lease rate in all actively managed real estate funds is 96.6 %. Office leases accounted for the lion’s share with about 140,000 sqm. The German property portfolio consists of mainly small units, the Chilehaus in Hamburg at 5,300 sqm being one of the largest deals. Retail tenants signed new leases and extensions for 83,500 sqm. In Germany, for instance, the firm logged new leases and extensions for 4,700 sqm in the newly acquired Mercado in Nuremberg.
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