POELLATH advises Union Investment on sale of logistics property in Worms

Union Investment has successfully sold the logistics property at Langgewann 2 in Worms to Prologis. The property was acquired by Union Investment as a project and had been part of the portfolio of the institutional mutual fund “UniInstitutional European Real Estate” since 2007. The parties have agreed not to disclose the purchase price.

The logistics property is located directly on the Rhine in a commercial area in the northeast of Worms. It comprises approximately 32,177 sqm of leasable space and has been fully leased throughout the holding period with Trans Service Team (TST) GmbH as the sole occupier. One of the special features of the property is the long-term lease of the roof space by the Evangelische Kirchen Zentrale (Evangelical Church headquarters) for the operation of a photovoltaic system. The property is located in a sought-after logistics location in the Rhine-Neckar region with excellent connections to the Rhine-Main economic region. It was sold for strategic reasons related to the portfolio: The average lot size of this property is significantly below that of the other properties in the UniInstitutional European Real Estate fund.

POELLATH advised Union Investment on all tax issues within the context of the sale with the following Berlin team:

• Sören Reckwardt (associated partner, lead, tax).
• Dr. Hardy Fischer (partner, tax)

Timo Kopmann advised Union Investment’s internal tax department on the sale.