German fund manager Union Investment Real Estate plans to invest $2 bn (€1.5 bn) in the US over the next three to five years on behalf of its global open-ended funds.
German fund manager Union Investment Real Estate plans to invest $2 bn (€1.5 bn) in the US over the next three to five years on behalf of its global open-ended funds.
'Having been active in the US for 30 years, we have reconfirmed the US as our main target market outside Europe in our strategic planning,' commented Frank Billand, chief investment officer and member of the management board at Union Investment. 'With the help of our investment advisors Metzler Real Estate, we intend to invest up to $2 bn in the US growth markets.'
The investment manager said it is preparing additional investments in the US following its acquisition of 555 Mission Street in San Francisco in 2012 and Research Park Plaza III & IV in Austin in 2013.
Hamburg-based Union Investment completed a total of 31 property acquisitions worldwide in 2013 for a total investment of $3.3 bn. The group, which manages funds worth over $32 bn, entered the US market in 1985 and currently owns nine office and warehouse properties with a market value of $2 bn.
