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Union Investment Picks Up Gold Coast Retail after Three-Year Hiatus from U.S. Market
Following a pause of more than three years, Union Investment is actively investing in the U.S. real estate market again and has acquired a trophy retail property in downtown Chicago’s Gold Coast neighborhood. The purchase price wasn’t disclosed.
Located at 57-65 East Oak St., the building offers some 30,000 square feet of rental space and is fully leased to fashion brands Chanel, Van Cleef & Arpels and Moncler, plus Le Colonial, a high-end restaurant. It was completed in 2018.
“Over the past couple of years, we have found it challenging to invest in the US market due to exorbitant hedging costs and travel limitations caused by the COVID-19 pandemic,’ said Matthew School, Union Investment head of investment management Americas. “While the U.S. team has remained active throughout this period, we are now able to acquire once more and look forward to realizing future opportunities in this very dynamic market.”
Photo courtesy of LG Development Group.
- ◦Sale/Acquisition
