(Boursier.com) – Union Investment has just acquired, in Florida, the Fountains of Boynton, a shopping center with supermarkets on behalf of the real estate fund Unilmmo: Europa. This new investment follows the recent acquisition by Union Investment of a prestigious boutique in Gold Coast, Chicago’s luxury district.
Built in 1994, the acquired asset consists of five buildings totaling 16,300 m2, all of which were extensively renovated in 2017. In Boynton Beach, a town on the northern outskirts of Palm Beach in full densification, Fountains of Boynton is located on an axis Major traffic about 30 kilometers south of West Palm Beach International Airport.
The commercial complex is therefore located in the Miami-Fort Lauderdale-West Palm Beach metropolitan area which, with approximately 6 million inhabitants, is the seventh most populous region in the United States as well as the largest population basin and Florida jobs.
“In the current competitive climate, we are delighted to have acquired this popular high-quality asset for its food supermarket. In the United States, the food-oriented retail sector is a highly valued and liquid asset class. Stability of their performance during the COVID-19 pandemic has also increased investor interest. In addition, constant population growth in Florida is generating increased demand for all asset classes in the state, ”says Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment.
“This recent acquisition in Florida allows us to diversify our global portfolio and therefore protect ourselves from future crises. Our international real estate portfolio is set to grow even further,” specifies Henrike Waldburg, Head of Global Investment Management at Union Investment.
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