Union Investment buys Hammer logistics center near Aachen
Union Investment has acquired the big-box logistics center of service provider Hammer in Eschweiler near Aachen, which was completed in late 2018. The seller is Hamburg-based Garbe Industrial Real Estate, who had invested €60mn in the construction. Neither party has released the current purchase price. The property has about 105,000 sqm, of which 94,000 sqm are storage, and carries a DGNB (German Sustainable Building Council) Gold sustainability certificate. Union Investment bought the asset for its institutional open-ended private fund UniInstitutional European Real Estate. This brings the logistics portion of the fund to 9% of the property portfolio, which is valued at about €3.3bn.
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