German asset manager WealthCap has announced the acquisition of two office properties in Hamburg and Hanover from TUI Beteiligungs and TUI for over EUR 83 mln. The assets provide a total area of nearly 55,000 m2, and around 900 parking spaces.

The building in Hamburg is fully leased with a 20-year rental agreement to Hapag Lloyd while the asset in Hanover houses the corporate headquarters of European travel group Tui.

WealthCap, which manages a portfolio of EUR 2.8 bn, plans to transfer the properties to its 33rd German closed-end real estate fund which will be placed on the market in mid-2011.

WealthCap is a 100% subsidiary of UniCredit Bank which was founded in early 2007 by three subsidiaries of Unicredit, Blue Capital, HFS and HVB FondsFinance.