McDermott Advised Art-Invest Real Estate On The Sale of Office Complex Neuer Kanzlerplatz in Bonn
McDermott Will & Emery advised Art-Invest Real Estate on the sale of the office complex Neuer Kanzlerplatz in Bonn, Germany, to Union Investment by way of a forward asset deal. Union Investment acquired the complex, made up of three buildings, including an underground car park for three of its actively managed real estate funds. It will take over the buildings after their completion, which is scheduled for early 2022. Art-Invest Real Estate remains fully responsible for the project until then.
The new office complex, Neuer Kanzlerplatz is being built on the site of the former Bonn Center and will provide approx. 60,000m² of rental space. The main tenant will be DB Privat- und Firmenkundenbank AG. The pre-letting rate at the time of purchase was around 80 percent. The largest of the three buildings, with around 32,000m² of rental space, was purchased by the open-ended public real estate fund, Unilmmo: Deutschland.
The two other buildings, each with around 14,000m² of rental space, were acquired by Union Investment on behalf of institutional investors. Building two will be added to the holdings of institutional open-ended public real estate fund UniInstitutional German Real Estate and is fully pre-let to DB Privat- und Firmenkundenbank. Building three has been acquired for special fund DEFO Immobilienfonds 1 and is expected to include a number of local amenities.
Art-Invest Real Estate is a long-term oriented investor, asset manager and developer of real estate, headquartered in Cologne. Their investments cover the entire spectrum of office, inner-city retail, hotel, residential and computer center sectors. The company holds real estate assets of around €6 billion.
Union Investment offers private and institutional investors a comprehensive investment platform. The company currently manages fixed assets of around €40 billion; its actively managed portfolio includes around 400 properties in 23 countries.
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