Union Investment sells retail property in New York

Union Investment has sold the 636 Sixth Avenue retail property in the Flatiron District of Manhattan to a strategic investor at a profit. The buyer intends to redesign the entire building including the offices on the upper floors and repurpose the space.

The financial details of the transaction were not disclosed. Union Investment acquired the retail property, which offers total rental space of approximately 1,700 square meters (18,300 square feet), in 2016 as part of a closed joint venture deal with Nuveen Real Estate (then TH Real Estate) for open-end real estate fund UniImmo: Global.

The transaction in the Prime Urban Retail category comprised four retail properties in the United States and marked the Hamburg-based real estate investment manager’s entry into the U.S. retail market. Since then, Union Investment has extended its retail portfolio through two further transactions in Chicago and New York.

“The investment environment in the United States is cur