German investor Union Investment Real Estate has bought a 237,000 sq ft mixed use building in Rotterdam.

The Hamburg-based fund manager is understood to have paid E50m (£38m) to developer OVG for the Las Palmas building at Wilhelminakade 300.

OVG is being kept on to manage the building and to let the building’s new penthouse.

The recently redeveloped building is multi let with tenants including architects INMBO and De Jong Gortemaker Algra, the Dutch Photo Museum and the Las Palmas restaurant.

‘The acquisition of Las Palmas is the first investment for Union Investment’s open-ended real estate fund,’ said Clive Pritchard, Savillshead of investment in Amsterdam.

’The acquisition fits in perfectly with Union Investment’s strategy, which focuses on high quality office developments situated in prime locations in The Randstad’s four main cities.’

OVG was unrepresented.