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US exposure pays off for Europa fund

Union Investment has taken advantage of the strong demand for core properties in the US office property market to sell its Fremont Lake Union Center property in Seattle, Washington at a profit. The buyer is Killroy Realty Corp.The sale price is 106 million US-Dollars, which is 40 million US-Dollars more than the original purchase price and approximately 15 million US-Dollars above the current expert valuation. Union Investment acquired the office complex, which comprises around 27,616 sq m of rental space spread over two buildings in Seattle's northern business district, for UniImmo: Europa in 2005. The fund’s investment focus is on Europe, which currently accounts for some 80 per cent of its holdings. To diversify the property assets, in...[…]