Clifford Chance advised Union Investment on the sale of the EUR 1 billion pan-European "Aqua" portfolio to Amundi Immobilier.

The deal constitutes one of the largest European portfolio sales of the year. The purchase agreement for the "Aqua" portfolio is subject to the usual closing conditions, with transfer of the portfolio to Amundi expected in the fourth quarter of 2015.

The"Aqua" portfolio comprises 17 office properties with around 278,000 square metres of rental space in six Western European countries, with a 75% focus on the UK (London, Glasgow, Cardiff), France (Paris) and Germany (Ismaning, Ratingen, Frankfurt/Main). The properties generate annual gross rental income of around EUR 60 million. At the time of sale, 96.6% of the space was let (based on rental income). The properties sold include the "Duetto Business Park", Helsinki, "Nord 1" in Frankfurt’s Europaviertel district, and "Westferry Circus" in Canary Wharf, London.

The Clifford Chance team was led by partner Cornelia Thaler and comprised counsel Dennis Blechinger, associates Manuel Lomb and Bernd Bäumer (all Real Estate, Frankfurt), partner Marc Besen (Antitrust, Düsseldorf/Brussels), senior associate Miriam Kammer (Antitrust, Düsseldorf) and partner Dr. Kerstin Kopp (Corporate, Frankfurt). The Clifford Chance office Paris was involved with partner Francois Bonteil and associate Adeline de Ménonville (both Real Estate).

Clifford Chance has advised Union Investment on a number of major real estate transactions over the years including the recent acquisition of a majority stake in the "Palladium" shopping and office centre in Prague and the sale of the "Laim 290" property in Munich.