Union Investment has sold approximately 46,000 square meters (495,000 square feet) of office space in Minneapolis, Minn.
The 950 Nicollet Mall property is located in the heart of the city's central business district and is long-term leased to Target Corp. At the time of sale, the occupancy rate is close to 100 percent.
The 12-story 950 Nicollet Mall office property was built in 2001 and managed by Union Investment since its acquisition in 2014 as part of the open-ended real estate retail fund UniImmo: Europa. The sustainability of the building is currently documented by a LEED Gold certification.
With the sale Union Investment rejuvenates its office real estate portfolio in the United States. Most recently, the Hamburg-based real estate investment manager with its New York branch had acquired the newly built Granite Park VII office building in Dallas, Texas, with a rental area of around 30,000 square meters and a hotel property with more than300 rooms in Charleston, S.C. The sale in Minneapolis creates for further possible new purchases.
