Europa Capital, the general partner of Europa Fund II, has completed the sale of Hofgarten Palais in Düsseldorf to Union Investment Real Estate. The parties signed initial agreements in May.

The 14,000m2 office development in Central Düsseldorf has been sold by Europa Fund II's Luxembourg subsidiaries to Union Investment's for its open-ended property fund UniImmo: Europa for about EUR 60 mln.

Lease-up of the prestigious building, located adjacent to the City's Hofgarten, continues to progress with Douglas Cosmetics being the latest company to commit to office space at the property and to join Management Engineers, Gleiss Lutz, Catella and SThree who are already in occupation.

Development management of the project has been undertaken by PBG Frankfurt. BNP Paribas Real Estate and Catella Property Advisors advised the vendor.