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Union Investment has sold the Alstertor office and commercial building at 3 Hermannstraße held by its open-ended real estate fund Unilmmo: Europa. Located in the centre of Hamburg, the property was sold at a price exceeding the expert valuation to a single-investor fund operated by PlusAlpina Real Estate Advisors, a subsidiary of Conren Land AG. “Due to the size of the property, Alstertor no longer fits the fund’s investment strategy. We are targeting investments in the order of EUR 30 million upwards for our retail real estate funds,” says Dr. Frank Billand, a member of the management team at Union Investment Real Estate GmbH.
Alstertor was one of the first investments made for Unilmmo: Europa. Union Investment completely refurbished the property in 2007, paving the way for a successful sale.
Fonte: CS della Società
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