Union Investment buys third real estate asset in Boston

Union Investment has invested $452m ($396m) in Boston, its third real estate deal in the US city.

The Hamburg-based manager bought 101 Seaport Boulevard from developer Skanska for its open-ended Unilmmo: Europa fund.

The 440,000 sqft asset’s main tenant is PwC, which has taken around 82% of space.

Other tenants include Skanska and Steelcase.

The investor recently bought the headquarters of shoe brand Converse at Boston’s Lovejoy Wharf and has also invested in the city’s Godfrey hotel.

Tal Peri, Union’s head of US East Coast and Latin America, said: “After the acquisition of the Godfrey hotel and the Converse headquarters, we are pleased to have strengthened our foothold in the important and economically very stable gateway market of Boston.”

Following the three recent acquisitions in Boston, Union said its 15-asset US real estate portfolio was worth $3.8bn, making the US the manager’s main foreign investment location.