Union Investment has purchased the Westfalen Center in Dortmund, Germany from Swiss investor AFIAA Investment Foundation for International Real Estate Investments.
The campus property – built in 1996 and renovated in 2012 and 2019 - comprises an office building that incorporates a hotel, with the campus occupying 10,062 sqm and rental space totalling 30,415 sqm.
The acquisition is being made on behalf of the Urban Campus Nr. 1 special fund established jointly by Union Investment and Investa Capital Management. The Westfalen Center Dortmund is the eighth property in the fund.
The property currently has 33 tenants, with the main tenant Steigenberger Hotel occupying 22% of the total rental space. Investa Real Estate will handle property and tenant management of the new acquisition.
AFIAA was advised on legal aspects by Latham and Watkins. Union Investment and Investa Real Estate were advised on legal aspects by P+P Pöllath + Partners, on technical aspects by Currie & Brown and on environmental issues by Arcadis. Rheinwert Immobilien acted as broker.
What they said
Wolfgang Kessler, a member of the management board of Union Investment Institutional Property said: “Since the property is already laid out as a campus, our The Plant concept can be adapted very easily, enabling implementation of forward-looking working and office structures.
"Starting with office buildings that feature flexible space concepts and a prestigious ambience while also benefiting from a high quality urban environment, we transform campus properties into spaces that cater to all areas of daily life.”