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Following a pause of over three years, Union Investment is actively investing in the US real estate market again and has acquired a trophy retail property on Chicago’s most exclusive shopping street. Located at 57-65 East Oak Street, the building offers some 2,800 sq m (30,000 sf) of rental space and is fully leased to fashion brands Chanel, Van Cleef & Arpels and Moncler, plus Le Colonial, a high-end restaurant. The acquisition is being made on behalf of open-ended real estate fund Unilmmo: Europa. The purchase price was not disclosed.
“Over 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. While 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,” said Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment.
“Our 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,” said Henrike Waldburg, Head of Investment Management Global at Union Investment Real Estate GmbH.
“East Oak Street is the number one destination in Chicago for luxury goods and fashion. High-profile tenants include brands such as Hermès, Prada, Giorgio Armani and Dior. Due to the demand for space, vacancies are historically low and rents are stable. The acquired property, comprising two and four story structures, was built in 2018 and is one of the newest luxury retail properties on this desirable shopping street,” said Kseniya Merritt, Head of Retail Investments North America in Union Investment’s New York office.
Source : Union Investment