A German institutional investor has bought a US shopping centre in what appears to be a slight German trend for North America real estate investment.
Universal-Investment, a German investment company, and CBRE Global Investors, a real estate manager, made the acquisition on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors.
The North Point MarketCenter is said to reside in an affluent suburb of Atlanta, Georgia.
“Economic fundamentals, such as employment growth that is significantly above the national employment growth rate and healthy retail sales, have placed the Atlanta retail market on pace for continued positive growth,” said Jean-Antoine Robert, portfolio manager for CBRE Global Investors.
Alexander Tannenbaum, manager of the real estate business at Universal-Investment, said: “German institutional investors increased their stake in North American properties on our platform in the last three years as they are looking for geographical diversification abroad.”
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