New acquisition by Union Investment

Union Investment has announced that it has acquired the Diamond office building in Ghent, through the property company Global Life Tree NV. The seller is a joint venture between Flemish developers Global Estate Group and Life Tree Group. he acquisition has been made on behalf of open-ended special real estate fund UII EuropeanM, which is targeted at institutional investors. Wolfgang Kessler, a member of the management team at Union Investment Institutional Property, comments:“Ghent is the third-largest city in Belgium and has a strong economy. Due to limited availability of office space, tenant demand for modern, centrally located office space is high”.

Completed at the end of 2019, the office building is free-standing and is located above a public underground car park with some 160 parking spaces. The 8-storey property offers total rental space of around 16,000m². It has seven office floors and a spacious lobby on the ground floor, featuring a restaurant open to the public. The building is fully let to Dutch financial services provider ING and railway operator SNCB. The development attracted BREEAM Very Good pre-certification.

Prior to this acquisition, German-based Union Investment had three properties in Belgium with an estimated value of € 394 million.