has gone back to investing in US real estate following a three-year hiatus.
The manager, investing on behalf of its open-ended Unilmmo Europa real estate fund, has acquired a fully-leased 2,800sqm retail property at 57-65 East Oak Street in Chicago for an undisclosed sum.
Matthew Scholl, executive director and head of investment management Americas at Union Investment, said: 鈥淥ver the last couple of years, we have found it challenging to invest in the US market due to exorbitant hedging costs and travel limitations caused by the Covid-19 Pandemic.
鈥淲hile the US team has remained active throughout this period, we are now able to acquire once more and look forward to realizing future opportunities in this very dynamic market.鈥�
Henrike Waldburg, the head of investment management global at Union Investment Real Estate, said: 鈥淥ur overseas real estate holdings are set to grow further because global investments are an important element in diversifying our portfolio and providing protection against future crises.鈥�
East Oak Street is the number one destination in Chicago for luxury goods and fashion, Waldburg said.
鈥滺igh-profile tenants include brands such as Herm猫s, Prada, Giorgio Armani and Dior. Due to the demand for space, vacancies are historically low and rents are stable.鈥�
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