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UBS Acquires 2 Office Buildings For €89M

24 October 2016 – Expansión

The real estate division of UBS has expanded its real estate portfolio in Spain once again. The fund has completed the purchase of two buildings in Spain, for a total investment of €89 million.

In Madrid, UBS Asset Management’s Global Real Estate firm (GRE) has acquired an office building, with a leasable surface area of 13,195 m2, spread over five floors and with 417 parking spaces, located on Calle José Echegaray, in the Las Rozas business park. The operation, closed on behalf of one of the Swiss entity’s clients, amounted to €36.5 million.

The property is leased in its entirety to five tenants, including Altamira Asset Management (the real estate division, controlled by the investment fund Apollom that manages Santander’s assets), Avantcard, Finanmadrid and the marketing agency Anekis.

In addition, UBS has purchased the headquarters of Roca Junyent in Barcelona. The property, located close to Avenida Diagonal, contains 11,219 m2 of office space, 39 parking spaces and another 1,000 m2 of storage space.

UBS has purchased that building for €52.5 million for its UBS Diamond Eurozone Offices fund. “The property is in keeping with the fund’s strategy, which looks for basic and advanced investment opportunities, particularly new or recently renovated offices, with high occupancy rates to ensure long term rental income, located in premium sites in the Eurozone’s largest ten to fifteen cities”, say sources at the Swiss bank.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

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