Union Investment Real Estate has continued its investment in the Asia Pacific market with the purchase of a large-scale office development in central Kuala Lumpur, Malaysia.
The Hamburg-based fund manager has kicked off the year with the purchase of the 600,000 sq ft CapSquare office tower, part of the Capital Square Development Project, for about E100m (£74m).
Opening the door
Steffen Wolf, managing director at Union Investment Real Estate, Singapore, said: ‘This is an important first investment for Union Investment, opening the door to the Malysian market where we continue to see excellent opportunities. We will pursue looking not only into the Malysian market, but we will also continue to grow beyond.’
The development of the office tower, on a 15.2 acre plot, will begin early this year and is expected to complete in the first half of 2010.