Union Investment purchases stake in four U.S. retail properties
Union Investment has made its first investment in U.S. urban retail through a joint venture with TH Real Estate, a division of TIAA Global Asset Management. Union Investment is acquiring a 49 percent stake in four retail properties with a total area of 113,500-square-feet for its open-end real estate fund Unimmo: Global. The four properties are located in prime shopping locations in New York City, San Francisco and Philadelphia. Terms of the transaction were not disclosed.
TH Real Estate will act as the managing member and continue to hold a 51 percent stake in the portfolio. The assets are owned by its open-end U.S. core real estate fund, the TIAA-CREF Core Property Fund, which is being relaunched as the U.S. Cities Fund series. The fund series focuses itsinvestments in retail, office, industria