German open-ended fund manager Union Investment has purchased an office property in Dallas, Texas for around $200 mln, bringing its total acquisitions in the US this year to nearly $1 bn.
2000 McKinney Avenue, a 20-storey office property with 448,000 ft2 (40,000 m2) of space is located in Dallas' Uptown district. It is Union's third buy in the country this year following the acquisition of a newly constructed office building in Boston for $452 mln and a hotel in Chicago for $315 mln.
'At the start of 2016, we announced that we would be focusing our investment activity on the strong US market, and we have done precisely that,' commented Martin Brühl, a member of the management board at Union Investment responsible for international investments. 'We have a similar level of resources available to further expand our portfolio in the US', he added.
Purchased for Union Investment's open-ended real estate fund Unilmmo: Global, the Dallas property is 98% let to a broad mix of financial and legal tenants and other service providers.
The deal brings the company's US holdings to 17 properties with a total value of $4.4 bn.
