4 December 2018
Union Investment sells office property in Minneapolis
Union Investment has sold an office property in Minneapolis, Minnesota. The building at 950 Nicollet Mall / 50 South 10th Street offers approximately 46,000 sq m of space and is located in the heart of the city’s central business district. It is let on a long-term lease to Target Corporation, one of the largest retailers in the US. The occupancy rate at the time of sale was nearly 100 per cent.
The 12-storey 950 Nicollet Mall office block was constructed in 2001 and has been held by Union Investment in its open-ended real estate fund Unilmmo: Europa since it was acquired in 2014. LEED Gold certification is testimony to the building’s sustainability.
This sale further realizes Union Investment reducing the age of its office property portfolio in the US. The Hamburg-based real estate investment manager, which has its own presence in New York, recently acquired the newly constructed Granite Park VII office building in Dallas, Texas comprising some 30,000 sq m of rental space and an additional hotel property with over 300 rooms in Charleston, South Carolina.