La tedesca Union Investment compra uffici in Texas

“Union Investment acquires fully let office property in Austin, Texas”

Union Investment has acquired another office building in the US for its open-ended real estate fund Unilmmo: Europa. Comprising two buildings, Research Park III & IV is a class A multi-tenant property that offers around 33,000 sq m of rental space and is fully let on long-term leases, ensuring an attractive income return. Visa USA Inc. and Charles Schwab Corporation are the property’s anchor tenants. The purchase price is USD 103.0 million. The seller is a fund managed by New York-headquartered DRA Advisors LLC. Metzler Real Estate advised the New York office of Union Investment on the transaction. In June 2012, Union Investment acquired the 555 Mission Street office property in San Francisco for approximately USD 446.5 million for Unilmmo: Europa.
“We are delighted with our investment in Austin. It’s another premium location that offers excellent prospects for our fund,” said Martin Brühl, Head of Investment Management International at Union Investment Real Estate GmbH. The Texan capital is the US city expected to experience the strongest growth in jobs, thanks to its booming high-tech industry. The Research Park III & IV property is located in north-west Austin in an office submarket popular with technology companies.
Union Investment plans to acquire more real estate in vibrant US cities for Unilmmo: Europa. “The same approach applies whether we are investing inside or outside Europe – we are looking for locations that we feel are likely to outperform over the medium to long term,” said Martin Brühl. “In particular, that includes Chicago, San Francisco and Austin.” The focus is on acquiring core properties in the mid-price range.
Union Investment has been investing in real estate in the US since 1985, with the portfolio currently comprising eight office and logistic properties with a total value of some EUR 1.4 billion.
Source : Company