Union Investment has sold the “Fountains of Boynton” shopping centre in the USA. It is located in Boynton Beach, a centrally located, high-traffic suburban community in northern Palm Beach County, Florida, about 30 kilometers south of West Palm Beach International Airport. It has been part of the portfolio of the open-ended real estate fund UniImmo: Europa since 2021. The purchase price was not disclosed. It is above the most recently determined expert value.
“We continue to see strong demand in the retail sector, which allows us to strategically time the sale to coincide with the peak of investor interest,” said Kseniya Merritt, Senior Vice President and Head of Retail Investments North America at Union Investment.
“Resilient retail properties are currently in demand among many investors. We have therefore taken advantage of the favourable market conditions to sell the shopping centre profitably,” says Matthew Scholl, Head of Investment Management Americas at Union Investment.
Completed in 1994, the shopping center consists of five buildings and was extensively modernized in 2017. The complex has a lettable area of around 16,300 m² and is currently almost fully let to a wide range of users, including a well-known grocery store, a nationwide fitness company, restaurants and a wide range of service providers in the fields of beauty care, medical care and pet care.
The sale will reduce the US share in UniImmo: Europe’s portfolio and further improve the fund’s liquidity situation.
Union Investment was advised on the transaction by CBRE’s national retail team in Florida.
