CHICAGO-Trumbull Property Fund, an entity of UBS AG, has reportedly acquired a 50% stake in the Michigan Avenue retail mall Water Tower Place.
The transaction puts the value of the 778,000-square-foot mall at $810 million, according to Crain's Chicago Business. The Swiss bank's fund purchased the joint venture interest in the property from an Alcatel-Lucent Pension Fund, the business newspaper reports.
Chicago-based General Growth Properties Inc. owns the remainder of the property at 845 N. Michigan Ave. All parties involved in the transaction either refused comment or did not respond for comment. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
