UBS Euro Core sells German office
UBS Euro Core, a core real estate fund managed by UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM) business, has completed the sale of an office property in Munich. The purchaser of the 88,372 sq ft office building was Quantum Immobilien Kapitalverwaltungsgesellschaft on behalf of an individual fund launched by BNP PRE Investment Management Germany. Campo Sentilo is located southwest of Munich’s city centre in the Obersendling district and fully let to 11 tenants. Post-sale, UBS Euro Core has a total of six assets remaining in Spain, Finland and France, with the sales process for each of these assets progressing wellalongside the fund’s liquidation. Mark Gifford, senior portfolio manager for UBS Euro Core, said: “This is a high quality asset which appealed to the investment market. The market is currently very strong for core small to medium sized office buildings and we are seeing pricing moving rapidly inwards in both the city centre as well as Munich’s office submarkets.”
Tags : INTERNATIONAL