Standard Life Investments, the global asset manager of UK insurer Standard Life Assurance, has acquired a €325 million portfolio of prime offices in five markets across Germany.
The portfolio is made up of seven office buildings located in Frankfurt, Hamburg, Munich, Nuremburg and Stuttgart, which will be split between four separate Standard Life Investments funds.
Hanse Carrée, a seven-story office property in the City-Süd district of Hamburg, has been acquired for the Standard Life Investment European Property Growth Fund. A property in the Arnulfpark, a listed office in Munich, and Büx, a mixed office and retail property in Stuttgart city centre will go to the Standard Life Investments German With Profits Fund.
The Coreal Tower, a property in Frankfurt Westend, and Deichtor in Hamburg were acquired for the Standard Life Investments European Real Estate Club and Von-der-Tann, an office property located in Nuremburg, and Hanse Forum, in Hamburg’s central business district, have been acquired for the Standard Life Investments European Real Estate Club II.
“The portfolio has a range of risk profiles to match the varying risk profiles of different Standard Life Investments funds. The transaction demonstrates our ability and appetite to deliver large, complex deals in Europe and it also reinforces our confidence in the German market,” commented Daniel McHugh, head of continental European real estate at Standard Life Investments.
The properties were acquired from Luxembourg-based property fund managers CONREN Land and N+1 REIM. LPA Law, Valteq and Ramboll Environ acted for Standard Life Investments. Freshfields Bruckhaus Deringer and Arendt & Medernach acted for the vendor.