Union Investment has increased its stake to 100 percent in the Watermark Place office property in the City of London. The company has acquired the remaining 50 percent stake from the previous joint venture partner, Oxford Properties Group.
The office property at “One Angel Lane” has approximately 50,400 sqm of lettable space and offers a direct view of the Thames. It was constructed in 2009 and is fully let to the Japanese investment bank Nomura. The asset has BREEAM Excellent certification as proof of its exceptionally high sustainability standards. The purchase of the remaining 50 percent stake is being made for the open-ended real estate fund, UniImmo: Europa, which now has the entire Watermark Place property in its portfolio.
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”After a phase of increased Brexit uncertainties, the transaction is also the start to further expand our portfolio in London.”
“In 2015 the joint venture offered us the opportunity to become co-owner of this outstanding Grade A property and we look forward to further successful cooperation with Oxford Properties in the future. At the same time, we are happy to take the opportunity for our investors to include the entire property at this top location in our portfolio. After a phase of increased Brexit uncertainties, the transaction is also the start to further expand our portfolio in London,” said Martin J. Brühl, Chief Investment Officer and member of the management board of Union Investment Real Estate GmbH.
Union Investment currently manages twelve commercial properties in the United Kingdom with a value of around 1.9 billion euros.