A German investment fund has closed on a $150 million acquisition of the new Converse world headquarters at Boston’s Lovejoy Wharf.

Union Investment Real Estate GmbH acquired the property on behalf of its open-ended real estate fund Unilmmo: Global, which has been investing in various U.S. markets where it sees growth prospects.

Boston-based Related Beal Cos. redeveloped the dilapidated former Schrafft Candy Co. building at 160 North Washington St. into 235,000 square feet of retail and collaborative office space for the athletic shoe company, which relocated from North Andover last April. The project included removal of the top story and construction of two glass-enclosed floors that contain executive offices and product showrooms.

This is Union Real Estate’s second recent Boston acquisition, after buying the 242-room Godfrey Hotel for $180 million in December. The city offers “stable returns and attractive rental growth prospects,” according to a statement by Tal Peri, Union’s head of investment management for the U.S. East Coast and Latin America.

Related Beal’s Lovejoy Wharf project also includes the 260,000-square-foot 131 Beverly luxury condo building now under construction and public improvements including a new park and a boardwalk that connects North Station with the North End via the Boston HarborWalk. Related Beal also broke ground in January on its 484,000-square-foot workforce housing and Courtyard by Marriott Hotel project, which is being built across the street from Lovejoy Wharf on land leased from the Massachusetts Department of Transportation.

“We are proud to have helped revitalize this section of the waterfront, transforming it into a lively destination and economic engine. This significant redevelopment reflects our strategic repositioning strategy,” Related Beal President Kimberly Sherman Stamler said in a statement.