Hamburg-based Union Investment Real Estate has sold a logistics property in Aurora, Colorado for $37 mln (almost €30 mln) and said it will re-invest the proceeds with a focus on secondary cities in the US as part of a $2 bn (€1.6 bn) Americas programme.
Hamburg-based Union Investment Real Estate has sold a logistics property in Aurora, Colorado for $37 mln (almost €30 mln) and said it will re-invest the proceeds with a focus on secondary cities in the US as part of a $2 bn (€1.6 bn) Americas programme.
Comprising approximately 38,100 m2 of rental space, the building is occupied by Whirlpool Corporation as sole tenant and was sold to a fund managed by US investment company Stoltz Real Estate Partners.
The property was part of the portfolio of open-ended real estate fund Unilmmo: Global. After a holding period of five years, Union Investment Real Estate decided to take advantage of an 'opportunity provided by the current market cycle' to sell the property.
The sale exceeded the most recent expert valuation. Union Investment intends to reinvest the sale proceeds in the Americas, focusing in particular on secondary cities in the US. For sister fund Unilmmo: Europa, Union Investment recently acquired two core office properties in Minneapolis and Austin for approximately $270 mln. Over the next three years, Union Investment aims to invest some $2 bn in the Americas on behalf of its open-ended real estate funds.
