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.

“Letting of the building to this financially strong company means secure long-term rental income for the fund,” said Dr. Frank Billand, chief investment officer and a member of the management board of Union Investment Real Estate GmbH. The project has received the highest BREEAM rating of Excellent and is being handled by leading Dutch building contractor Dura Vermeer.

The building is designed to be marketed as a multi-tenant building at a later stage. The AkzoNobel headquarters marks Unilmmo: Deutschland's second acquisition in Amsterdam, which is a key business location in the Netherlands. In 2011, the fund acquired the Crowne Plaza Hotel, which is likewise let on a long-term lease.

Union Investment was advised by Savills, CVO und Loyens and Loew.