Union Investment increases lettings by 80% in H1
Union Investment let 430,000 sqm of commercial real estate in the first half of the year, including both new and renewed leases. This is an 80% increase from last year. Around 63% of the leases were in Germany, the rest in were markets elsewhere in Europe and beyond. Union Investment states letting performance was greatly helped by logistics and hotel properties. The lease for the 68,000 sqm InterContinental Hotel in Berlin was extended for 30 more years, while the logistics segment saw the signing of contracts for 103,000 sqm in five properties. However, the largest share was in office properties with 156,000 sqm, including the extension of the lease for 9,500 sqm in the “TM 50” (at Thomas-Mann-Straße 50 in Nuremberg) with the Free State of Bavaria, and Amazon’s renting of 2,500 sqm in the previously vacant Park.Gate office building in Munich.
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