Union Investment buys Dallas office asset for open-ended fund

Union Investment has bought a Dallas office asset for its open-ended Unilmmo: Global fund.

The German real estate fund manager said it acquired 2000 McKinney Avenue, a 20-storey office property in the US city.

The 448,000 sqft property, in the uptown district of Dallas, is 98% let.

Tenants include Texas Capital Bank, which occupies 31.5% of the asset, and law firm Dentons.

The deal is Union Investment’s third major US investment this year, following the $452m (€408m) purchase of a Boston office asset in April and a $315m investment in a Chicago hotel.

Martin Brühl, management board member at Union Investment Real Estate, said the company would expand its portfolio in the US.

It has been targeting gateway cities on the East and West Coasts, as well as secondary US cities.