Union Investment has acquired the Milestone Graz micro apartment complex for its new real estate special fund Urban Living Nr. 1. The property is leased on a long-term contract to Milestone which provides private student accommodation. Completed in 2015, Milestone Graz includes 378 residential units, ranging from 20 to 28 sqm. Union Investment was advised on the legal aspects of the transaction by Vavrovsky Heine Marth and on tax matters by TPA. Urban Living Nr. 1 is an open-ended special fund AIF with a focus on micro-apartments complexes. The fund will primarily invest in German cities and metropolitan areas.
