Union Buys AkzoNobel HQ Project

HAMBURG, GERMANY—Using forward funding, Union Investment Real Estate GmbH has acquired one of the top properties in Amsterdam’s office real estate market. The Hamburg-based property investment management firm has purchased the 49,921 square foot (15,216 sq m) development project comprising AkzoNobel’s new headquarters.  The parties did not disclose financial details.

The project, located in the South Axis submarket, is fully leased for 15 years to the multinational industrial group. Completion is expected in the third quarter of 2015, and the property will then be transferred to the holdings of open-ended real estate fund Unilmmo: Deutschland.