London-based investor Aegila Capital Management has made its second major real estate investment with the €145m (£128.8m) acquisition of RellingHaus in Germany.

RellingHaus Aegila

Acquired from Germany open-ended real estate fund provider Union Investment, the landmark office complex in Essen is comprised of seven interconnected buildings of up to 21-storeys in height. Evonik Industries occupies 470,00 sq ft of space in the building, with a further 132,400 sq ft let to ThyssenKrupp and 900 underground parking spaces.

The transaction is Aegila’s second real estate investment in continental Europe after its acquisition of Unilever NV’s global headquarters in Rotterdam in May for €86.5m (£76.2m).

Essen is located in Germany’s Rhine-Ruhr region, the third largest metropolitan area in Europe. Union Investment acquired RellingHaus in 2004 for its open-ended real estate fund, UniImmo: Global, and after the sale continues to hold four assets in the area worth more than €420m including the Limbecker Platz shopping centre.

Giovanni Gregoratti, chief executive of Aegila, said: “This is a very solid first German deal for Aegila and it’s consistent with our strategy to focus on European real estate investment opportunities that benefit from attractive and resilient income profiles combined with potential value creation through active asset management.

“RellingHaus is a high quality, well managed property in an attractive market with a rapidly growing economy and strong demographic trends. We plan to continue to leverage our experience of investing in the intersections of the real estate market that traditional funds find difficult to enter – in order to deliver attractive returns to our investors.”