Union Investment takes over Neuer Kanzlerplatz in Bonn
Union Investment is buying the office quarter on Neuer Kanzlerplatz in Bonn from Art-Invest Real Estate. The ensemble consists of three buildings totaling roughly 60,000 sqm lettable space, which are to be completed by 2022. Main tenant will be DB Privat- und Firmenkundenbank, and about 80 % of the space has been pre-let. Construction on the underground garage with 950 parking spaces has started. The largest of the three individual structures on Neuer Kanzlerplatz has about 32,000 sqm lettable space on 28 floors; it will be added to the open-ended UniImmo: Deutschland fund. Design Offices will be occupying 8,000 sqm. Union Investment is acquiring the other two buildings of the quarter with around 14,000 sqm lettable space each on behalf of institutional investors. The buyer was advised by Savills, Clifford Chance, and Lehmann Consult. The law firm McDermott Will & Emery advised the seller.
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