Union Investment Real Estate: MSREF and IVG take over Pegasus portfolio
Union Investment Real Estate reports, with the sale of their "Pegasus" portfolio, the completion of the restructuring of their open property funds UniImmo: Deutschland and UniImmo: Europa. 53 German properties from the inventories of both funds with a total surface area of 525,000 m² were sold to Morgan Stanley Real Estate (MSREF) and IVG. 28 properties held by UniImmo: Deutschland are going to the MSREF, including the "Neue Kranzler-Eck" (a landmark cafe on Kudamm) in Berlin (total price: €1.36bn). IVG has acquired 25 objects, mainly from UniImmo: Europa (total price: €495mn). In addition, the "Frankfurter Welle" (total area: 85,000m²) was sold to MSREF for €703mn. According to the communiqué, the purchasing price was 14% higher than the most recently calculated market value of the portfolio properties, resulting in a profit for the funds of €324.5mn.