Union Investment has sold the Fifth & Pine office and commercial property in Seattle to US investor Invesco Advisors.
Union Investment has sold the Fifth & Pine office and commercial property in Seattle to US investor Invesco Advisors.
The building had been held by Union Investment's open-ended real estate fund UniImmo: Global.
The sale price of around $70 mln (€53 mln) exceeded the most recent expert valuation.
Union Investment purchased the property, which comprises some 14,673 m2 of rental space, for around $55 mln in 2005.
'Demand for high quality, high yield properties in the US remains high. After an eight-year holding period, we have successfully taken advantage of a market opportunity to sell the asset,' said Volker Noack, a member of the management team at the Hamburg-based fund manager.
Following the sale of Fifth & Pine, the UniImmo: Global fund holds six office and logistics properties or real estate companies in America (US and Mexico) with a total value of around €340 mln.
