Union Investment has sold a mixed-use building Fifth & Pine in Seattle to US investor Invesco Advisors for $70.6m (€54m).
The property comprises 14,671m2 of lettable space.
Union Investment acquired the building in 2005 for $55m (€42m) for the open-ended real estate fund UniImmo Global. Following the sale, the fund’s portfolio comprises seven office and logistics properties in the US and Mexico with a total value of €335m.
“The demand for high-quality profitable real estate in the US remains high. After a holding period of eight years, we have taken the opportunity and successfully sold the property,” said Volker Noack, Union Investment Real Estate CEO.
